Isbark.com

The performance sedan segment is alive and well. However, while the segment has many contenders, many of them cost an arm and a leg. If we look at the Lexus catalog, its IS 500 F Sport Performance, an impressive performance sedan powered by a naturally aspirated V8 engine, has a starting price of roughly $60,000.

$60k for a naturally aspirated performance sedan is steep, but other options exist. Staying with the Lexus brand, there is a performance sedan in its catalog that can be bought for less than $15k and, with some work, could come close to the performance of the Lexus IS 500 F Sport Performance for a fraction of the price.

The Lexus IS300

The North American market would get its version of the Lexus IS 300 in 2000, and it was designed, alongside the Toyota Altezza, for a greater emphasis on performance compared to conventional Japanese luxury models of the early 2000s. The same man responsible for developing the Toyota AE86, Nobuaki Katayama, led the engineering work for the Lexus IS 300. Before it arrived in the United States, it was exclusive to Japan. Still, after its North American debut, the Lexus IS 300 quickly became one of the most celebrated cars from the early 2000s and a respected affordable Japanese performance sedan.

Related

Lexus’ Brilliant BMW M5 Rival Can Be Purchased For Less Than $50k

While the BMW M5 tends to be the favored choice in the mid-size sports sedan market, its Japanese rival represents a great used bargain against it.

The main motivator of the Lexus IS 300 was a naturally aspirated version of the Toyota 2JZ engine – one of the cars that isn’t that well-known for being powered by the 2JZ engine – paired with a five-speed manual transmission from the 2002 model year onward. Power from the 2JZ-GE engine was fed directly to the rear wheels, and for an extra $390, it could be equipped with a limited-slip differential. It was deserving of the title of a performance sedan, a claim which was emboldened by its exterior design characterized by its short overhangs, aggressive front fascia, and sporty wheels wrapped in meaty rubber.

Lexus would update the first generation Lexus IS 300 in 2003. The revisions to the Japanese performance sedan included a slight facelift, with exterior changes including redesigned 11-spoke wheels, revised fog lights, and a smoky trim surrounding the taillights and headlights. Interior adjustments included a new two-position memory feature for the driver’s seat and a new maintenance lamp, to name a few.

Finding A Gem For Under $15k

The 2001 Lexus IS 300 had an MSRP of $30,805, significantly less than BMW’s equivalent 3 Series, which this Lexus offering was meant to contend with. However, more than two decades since its introduction, the selling price of a used Lexus IS 300 is well below half of the performance sedan’s original MSRP. According to Classic.com’s resources, the average selling price of a 2001 Lexus IS 300 is just under $10,000. Low-mileage examples – low mileage relative to a model that debuted more than two decades ago – can be sold for more than $10,000, but for the most part, well-maintained models hover around $8,000 to $9,000.

Related

The Cheapest V8-Powered Performance Sedan On Sale In 2025

This is not only the most affordable V8-powered performance sedan on the market today, but it may also be the only affordable V8 sports sedan left.

Last year, an example of a 2001 model year Lexus IS 300 with only 62,000 miles on its odometer and completely stock was sold for $11,000. Another example is the 2001 model year, with almost double the miles recorded, sold for $9,200. It’s worth noting that these models were only offered in automatic, and as such, the following model year that featured a manual transmission is more valuable. Therefore, the prices of manual IS 300s are much higher.

According to figures available on Classic.com, the average selling price for a 2002 model year is $15,900. At the tail end of 2024, an example with 76,000 miles, the five-speed manual, and bone stock was sold for $20,250. That is the extreme side of the spectrum. Stock examples with slightly higher mileages can be sold for between $9,000 and $13,000, with the majority of used examples in the region of $13,000. The average selling prices range between $14,000 and $15,400 for the 2003-2005 model years. Still, many stock and relatively low-mileage examples of the 2001-2005 Lexus IS 300 can be found for well below $15,000.

It Is A Steal, And Here’s Why

The Lexus IS 300 is an amazing performance sedan, and a low-mileage example can be had for less than $15,000, which is astounding. Here’s why the car is such a great option for performance-minded buyers:

Tuning potential

Toyota’s 2JZ inline six-cylinder gasoline engine needs very little introduction, simply being known as a legendary engine. It is an engine that became synonymous with the Toyota Mk4 Supra and was the main motivator for the Lexus IS 300, albeit in a naturally aspirated configuration compared to its twin-turbocharged Supra sibling. Regardless, the 2JZ has been proven time and time again to be an extremely tunable engine.

Related

The Cheapest 300-HP Sedan In America

Not everyone wants to spend a fortune on a potent sports sedan. This is the cheapest new example on sale in the US with at least 300 hp.

The 2JZ engine, especially the 2JZ-GTE, responds very well to tuning and modifications. It has strong internals, but it will still cost a pretty penny to coax its power outputs further. Sticking to a naturally aspirated one will require serious spending to start producing higher power figures, with the best option being a conversion to forced induction. We’ve already covered how expensive it would be to get a naturally aspirated 2JZ to 1,000 hp in the Lexus GS 300. However, while costs might rise, the one saving grace is that parts are easy to come by, considering the depth of aftermarket support.

Aftermarket support

As a result of the widespread love and lust for the 2JZ engine, the aftermarket support for the Japanese inline six-cylinder engine is vast and varied. Since that is the case, there are many aftermarket solutions for almost every request a consumer might have for the 2JZ platform.

Aside from the abundance of kits designed to enhance the engine internals, introducing elements like forged pistons or specially designed gaskets, there is a plethora of solutions available on the consumer market to address fueling issues, overheating issues, solutions to improve engine efficiency, and the list goes on. Similar to buying the Lexus IS 300, these aftermarket solutions are offered to the public at relatively affordable prices.

Related

How Much It Costs To Buy And Maintain The First-Generation Lexus LS 400

Classics always need a little extra TLC to keep running, but what about the first-generation of one of the most reliable sedans ever made?

Reliability

Another impressive aspect of the first-generation Lexus IS 300 is its reliability. The naturally aspirated 2JZ engine is one of the biggest contributors to the first-generation Lexus IS 300’s reputation for reliability, with even the higher output 2JZ-GTE lasting over 400,000 miles, especially when kept stock and well-maintained. That reputation for reliability doesn’t falter when modifications are added as long as they are done correctly.

However, it is worth noting that these are older cars and, as such, will need some maintenance or repair. Regardless, the first-generation Lexus IS 300 is reliable, affordable, and can be easily found in good condition on the used market.

Sources: Lexus, J.D Power, BringATrailer, Classic.com