Check Engine light P1670
I have a 2000 Volvo S70 as well with the same code. Do you ever have trouble starting your car? I did and that's why I took it to the dealer. Appartently it's the code for the ignition immobilizer system in your car (part of the security system). Specifically, a part call the antenna ring. The antenna ring is the outer portion of your ignition switch on the steering column - the part that lights up and has the following printed on it: 0 - I - II - III. This part is actually a sensor that transmits the code stored in the microchip inside of your key. When this part goes bad it fails to transmit the correct key code to the computer, and cuts the fuel to the engine.
The dealer wanted to charge me $550 for a new antenna ring, two new keys, and software to program the car's computer with the new key codes. I purchased the antenna ring online for $50 and did it myself in 15 minutes - so easy. They claim that you can't replace the antenna ring without new software - lie! You only need the software if you are replacing the keys.
Car is running great.
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