Something that is relatively new but low quality and is falling apart. Derived from recent Volvos (starting around 2012) that had low quality interior parts that would peel and fall apart, especially the soft-touch black plastic which would peel after just a couple years. This term can be used to describe anything that is in poor condition, not just a car.
Wow, this desk from ikea sure is junk, it's doing the Volvo peel already and it's just a few years old.
by Four Loko Frat Guy October 19, 2023