I don’t have to tell you that new car prices are a bit, well, out of control. As the average price for a new car in the United States flirts with (and often sails past) that eye-watering $50,000-mark, car buyers are looking to cheaper new car alternatives. In many other cases, shoppers are avoiding new cars altogether, opting instead for affordable used cars. That’s much better if it’s a desirable luxury car that comes with an intact factory warranty.
So, why not go for the low-mileage luxury sedan instead of a newer mid-size family sedan? Take the 2024 Lexus IS, for instance. A shrewd shopper can find a solid example with a clean title for less than a new, hybrid 2026 Honda Accord. Better yet, if the mileage is low enough, you might be looking at a solid basic warranty for another couple of years.
2024 Lexus IS – A Luxurious Sedan Cheaper Than The Honda Accord
For 2026, the Lexus IS is getting a styling update. Nothing too dramatic; it’s mostly a refreshed front end and a new interior layout. Unfortunately, it also spells the end of the 5.0-liter V8 Lexus IS 500. The lineup’s crash diet goes even further than the loss of the eight-cylinder option, with the four-cylinder IS 300 leaving the equation as well. Though admittedly, we aren’t mourning the four-pot Lexus IS as much as we are the luxe hot rod IS 500.
That does, however, leave the 311-horsepower 3.5-liter V6 in the mix as the only engine option. It also leaves a handful of third-generation Lexus IS models with all three engine options in the used car market, ready for shoppers looking to get their hands on a posh, reliable compact luxury sedan. Better yet, a recent model year, like a 2024 Lexus IS 350, can be had for less than the sort of money you’d spend on a new Honda Accord Touring Hybrid.
2024 Lexus IS Average Pricing
We’d recommend stretching past the base-model four-cylinder IS 300 trims and opting for the six-cylinder Lexus IS 350. Kelley Blue Book puts the fair market range for a 2024 Lexus IS 350 F SPORT Design at between $37,450 and $39,750. In comparison, a 2026 Honda Accord Touring Hybrid starts at $40,690.
Of course, the 2024 Lexus IS 300 trims are more affordable than the six-cylinder models. The fair market value for a 2024 Lexus IS 300, depending on factors like location, mileage, and condition, is roughly $34,060 to $35,860, less than a brand-new Honda Accord EX-L Hybrid or Accord Sport-L Hybrid. Don’t think you’ll get the V8-powered IS 500 F SPORT Performance or F SPORT Performance Premium for Honda Accord Hybrid money? After depreciation, a 2024 Lexus IS 500 F SPORT Performance has a typical listing price of $56,680 — $3,365 less than when it was new.
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2025 Lexus IS 500 F Sport Performance Review: Newer Isn’t Always Better
A pure, naturally-aspirated V-8 sports sedan for everyday use. What’s not to love?
V6 Power, Athletic Handling, Posh Interior
Up until this model year, the Lexus IS offered four-cylinder, six-cylinder, and eight-cylinder powerplants. Now, things are down to the V6 exclusively. Frankly, that’s not a bad thing. Like the most recent IS 350s, the 2024 model packs a naturally aspirated 3.5-liter V6. The DOHC 24-valve V6 is good for 311 horsepower and 280 pound-feet of torque, enough to motivate the rear-wheel drive IS 350 to 60 mph in 5.6 seconds. That’s more than a second quicker than a newer Honda Accord Hybrid. Adding all-wheel drive to the IS 350’s formula slows things down by a negligible 0.1 seconds.
2024 Lexus IS 350 F SPORT Specs
|
Engine |
Naturally Aspirated 3.5-Liter V6 |
|
Transmission |
Eight-Speed Sport Direct Shift Automatic, Six-Speed Automatic |
|
Horsepower, Torque |
311 HP At 6,600 RPM, 280 LB-FT At 4,800 RPM |
|
0-60 MPH |
5.6 Seconds (RWD) |
|
Drivetrain |
AWD, RWD |
While a 2024 Lexus IS 350 isn’t quite as agile or urgent as a comparable BMW 3 Series or other German rivals, the compact luxury sedan is a compliant companion in the corners. And if corner-carving is important to you, look for a model with the optional F SPORT Handling Package. Doing so adds circuit-happy treatments like adaptive suspension and a Torsen limited-slip differential. Wrap everything up in a serene five-seat interior, soft-touch surfaces, and a handsome cabin layout, and the Lexus IS is as comfortable as it is athletic. Just don’t expect to put any basketball players in the back seats.
Dial ‘IS 500’ For Big V8 Power
While the 311-horsepower Lexus IS 350 is likely more luxury sports sedan than most drivers need, it’s far from the biggest gun in the 2024 model’s arsenal. No, that title belongs to the IS 500’s naturally aspirated 5.0-liter V8. The now-discontinued V8 is rated at 472 horsepower and 395 pound-feet of torque.
It’s still nothing short of absolutely spectacular. With no forced induction, there’s no turbo lag or loss of steam as found with a supercharger. It’s just pure, smooth, unbridled naturally-aspirated V-8 power, all the way to its lofty 7,000+ RPM redline.
– Chris Chin for TopSpeed
Even without forced induction, the eight-cylinder mill is enough to launch the rear-wheel drive IS 500 to 60 mph in just 4.3 seconds. It’s not on pace with other luxury sports sedans like the Cadillac CT4-V Blackwing, but the IS 500’s naturally aspirated V8 isn’t something you’ll find anywhere else in the segment.
The Most Practical And Balanced Luxury Sedan You Can Buy Right Now
It’s not about speed or flash or technology for its own sake. It’s about refinement.
Still Under Warranty
Granted, Toyota and Lexus don’t offer industry-leading basic warranty coverage. Instead, that bragging right belongs to brands like Hyundai, Kia, and Mitsubishi. However, buying a 2024-model Lexus IS leaves a generous amount of basic warranty intact. Lexus offered the IS with a four-year, 50,000-mile basic warranty. With the average odometer reading for resale at 31,941 miles, buyers could be looking at tens of thousands of miles or a couple of years before a 2024 Lexus IS’s warranty expires. That said, a comparable Genesis G70 offers an extra year and 10,000 miles of coverage. The Lexus does, however, match the basic warranty coverage of the compact luxury car staple: the venerable BMW 3 Series. If that wasn’t enough, a less posh Honda Accord has a three-year, 35,000-mile warranty– certainly not on par with the Lexus.
So, Should You Buy One?
With starting prices for new cars as high as they are, a used car is an increasingly attractive prospect. The 2024 Lexus IS, then, lives at the intersection of luxurious, fun, usable, and under warranty. That said, competition from Germany is tough. For instance, a used 2024 BMW M330i xDrive can be had for a similar price to the compact Lexus luxury sedan. Better yet, the all-wheel-drive Bimmer will sprint to 60 mph in 5.2 seconds, nearly half a second swifter than the rear-wheel-drive 2024 Lexus IS 350. However, with Lexus taking the top spot in J.D. Power’s ‘2025 U.S. Vehicle Dependability Study’, the Toyota luxury sub-brand is likely a better bet for overall reliability.
Sources: Edmunds, J.D. Power, Kelley Blue Book,