The second-generation Lexus LS 400, known as the XF20, debuted in 1995 as a careful evolution of its groundbreaking predecessor. While visually similar, it was lighter, stiffer, and offered more interior space thanks to a longer wheelbase. A significant update for the 1998 model year introduced VVT-i to the 4.0L 1UZ-FE V8, boosting output to 290 hp and 300 lb-ft of torque, all managed by a new 5-speed automatic transmission.
Collectors are drawn to the XF20 for its legendary reliability and over-the-top build quality from a period when Lexus was determined to dominate the luxury market. It's a testament to Japanese engineering, offering a serene and isolated driving experience that still feels premium decades later. These cars are known to run for hundreds of thousands of miles with proper care, making them an accessible entry point into high-quality classic motoring.
The market for the LS 400 is highly dependent on condition and mileage. With an average sale price around $12,500, they remain affordable. However, the price range is vast, from under $1,000 for well-used examples to over $33,000 for immaculate, low-mileage cars. As fewer pristine examples remain, values for the very best cars are steadily climbing.
Buying Tips
- The 1UZ-FE V8 has a timing belt that requires replacement every 90,000 miles. Check for service records confirming this critical job was done.
- Inspect all electronics. Power tilt/telescoping steering columns, instrument cluster LCD screens, and the central touchscreen (on 1998+ models) can fail and be difficult to repair.
- The optional factory air suspension provides a smooth ride but is expensive to fix. Check for sagging corners and be prepared for a costly repair or a conversion to conventional coilover suspension.
- Look for oil leaks from the valve cover gaskets and the power steering pump, which are common issues as these cars age.
Prices range from as little as $620 for project cars to $33,750 for top-tier, low-mileage collector examples.
1,343 Lexus LS 2nd Gen vehicles have been tracked across auctions and listings on Hypercars, with 635 currently live.
Data sourced from Bring a Trailer, Cars & Bids, eBay Motors, PCarMarket, and Collecting Cars. Updated daily.
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