Introduced in North America for the 2001 model year, the Lexus IS 300 was Toyota's direct challenge to the BMW 3 Series. Known as the Toyota Altezza in Japan, it paired a compact, rear-wheel-drive chassis with the famously smooth 3.0-liter 2JZ-GE inline-6, producing 215 horsepower. While most were sold with a 5-speed automatic, a 5-speed manual became available in 2002 and is now the most desirable configuration.
The IS 300's appeal comes from its excellent driving dynamics, legendary engine reliability, and clean, timeless design. The car's clear-lensed tail lights, dubbed "Altezza lights," sparked a worldwide aftermarket trend in the early 2000s. Collectors and enthusiasts seek out well-preserved, unmodified examples, but they are becoming increasingly difficult to find. The manual transmission sedans carry a significant premium over their automatic counterparts.
The market for the first-gen IS is robust, with an average sale price around $13,000. This number is skewed by a large number of modified or high-mileage cars at the low end and a small number of pristine, manual-equipped examples at the high end. Cars with documented service history and few owners are consistently bringing strong prices, proving the IS 300's status as an appreciating modern classic.
Buying Tips
- The timing belt and water pump are critical service items that need replacement around 90,000 miles. Verify this has been done.
- Check for a "sticky dash," where the dashboard material degrades and becomes tacky. This is a common issue, especially in warmer climates.
- Lower ball joints are a known weak point and can fail suddenly. Listen for clunks from the front suspension and check for records of replacement.
- Rust can be an issue on cars from wet or snowy climates. Inspect the rear quarter panels, rocker panels, and front subframe carefully.
- Manual transmission cars are rare and command a premium. Be cautious of automatic-to-manual swaps; while popular, the quality can vary greatly.
Prices for the first-generation Lexus IS range from $2,025 for project cars to over $35,600 for exceptional, low-mileage examples.
3,022 Lexus IS 1st Gen vehicles have been tracked across auctions and listings on Hypercars, with 1544 currently live.
Data sourced from Bring a Trailer, Cars & Bids, eBay Motors, PCarMarket, and Collecting Cars. Updated daily.
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