Pretty sure we had this discussion on the forum a few months ago (if you get a flat on the road and put on the spare, the flat tire has to go somewhere, right?). Yes, it will fit as others have noted, and as others have commented, a spare from a junkyard is a pretty cheap way to go. I just pulled a 16" spare yesterday from an '07 S40 that I'm keeping in my '13. I keep forgetting to put the spare tire kit from the '08 in the '13 when I go on road trips, and it cost me big time last year.
BD
'06 S40 M66 T5 FWD, '08 C70 M66 T5 Premier Plus, '11 XC90 V8 AWD, '13 C70 T5 Platinum P* ('94 854 Turbo, '05 S60 2.5T FWD, & '04 XC90 2.5T AWD R.I.P.)