Certain letters seem designed for certain kinds of cars. If you see an "X," "Y" or "Z," then it's probably fair to assume the manufacturer thought it was something special or different; maybe a hardcore racecar, or a crossover. An "R" or "S" usually means something racy or sporty, and so does "V." But Volvo doesn't think like other manufacturers, so the "V" in "V70" stands for "versatile" -- which sounds about right for a station wagon.
On other Volvo models around this time period, Volvo built a procedure into the car to reset the service-engine light without a scanner. Most involve pressing the odometer button. In this case, though, you'll need a Volvo-specific scan-tool. Unfortunately, Volvo hides many of its functions in its bespoke programming, so a standard parts-store OBD-II scanner very likely won't work to clear your codes. It depends on that particular store and which scanner they use. For a sure thing, you'll need to go to the dealer, go to an independent shop that specializes in Volvos or buy a Volvo-specific scanner. You can pick one up for about $100 to $200 online.
