Sadly the 2024 Lexus IS 500 is the rarest of the rare,  a rear-wheel drive BMW 3 Series-sized sedan with a naturally-aspirated 5.0-liter V8. Since the demise of the Dodge Charger and the Chrysler 300 C last year, the compact IS 500 has become something of a unicorn.

Think of the 2024 Lexus IS 500 as that friend who shows up to a casual hangout in a tuxedo but somehow pulls it off. This sedan is the automotive equivalent of ordering a triple-shot espresso and then wondering why you’re vibrating halfway through your morning Zoom call. It has something that forced induction just can’t quite manage, it has a soul.

Since Lexus dropped the V8 back into the IS it’s given this small sedan a whole new lease of life but don’t get confused, the Lexus IS 500 F Sport Performance is not an IS F. and it doesn’t need to be because it’s brilliant where it needs to be.

The recipe is simple, take a rear-wheel-drive family car and shove a big V-8 inside. Lexus used the IS 350 plugged in the engine and gearbox from the RC F coupe and left the rest of the mechanical bits largely untouched.

Design

The IS might be old but Lexus has continued to update its design over the years and it looks sharp. The big grille is aging well, its headlights are narrow and menacing, and its rear end looks muscular, especially with those quad tailpipes sitting below the bumper.

What’s new for 2024

Despite its age, there’s still a lot to like about the IS 500, for 2024, all IS 500 models will come standard with black outside mirrors with dark chrome trim. Incognito has been added as an available exterior paint color option.

A Special Appearance Package will return for folks who want to take their IS 500 F SPORT Performance Premium to the next level. This package comes standard with Blue Vector exterior paint with 19-inch Matte Black BBS forged alloy wheels. On the inside, subtle blue stitching is found throughout the cabin, including the carpet floor mats. The 2024 IS F SPORT Performance Premium Special Appearance package will be limited to 150 units in North America.

Under the hood

Is the beating heart of this car, a DOHC 32-valve 5.0 V-8, direct fuel injection with 472 hp @ 7100 rpm and 395 lb-ft @ 4800 rpm driven through an 8-speed automatic transmission. 0-60 takes 4.3 seconds, fast but not scorching so it’s not on a par with the BMW M3 but it might give a rear wheel drive M340i a run for its money.

Driving

Few engines on this planet deliver the sort of noise that only this naturally aspirated V8 does and at the same time offering, razor-sharp responses. All is not perfect, however, the transmission can get easily confused about what gear it wants. This happens most frequently when decelerating and when coming to a complete stop where the downshifts are clunky and jittery. This behavior is typically worse in Normal mode but in a more casual driving situation, the shifts are generally ok.

Selecting Sport S+ mode solves the problem especially when driving on some nice twisty backroads and even more so when using the paddle shifters, which allow you to control the engine speed and avoid it bouncing off the rev limiter, which it has a tendency to do

If needed though the IS 500 is perfectly happy to trundle along on a commute and the suspension in this setting is perfectly compliant. Attack a twisty mountain road though and things become a joyous experience despite the transmission’s age.  It does ride a little firmer in SportS+ but it is never back-breaking. it’s simply sublime to drive in any manner.

The result of this is a handling experience that is pleasantly surprising. I was surprised to find just how agile the IS 500 is on a twisty road. The steering is direct enough, if a little numb and it’s easy to find the right line and hit the apexes of the corners with ease. The traction control and LSD managed the rear end quite nicely, more so thanks to the slip that the Bridgestones proved (Michelin 4S tires would solve the problem) and the suspension kept body roll to a minimum for a pleasant flat cornering experience.

Interior

One thing Lexus has continued to use in the IS is the sliding tachometer in the instruments and I love the old-school mechanical feel of it. The central tach can slide over to the right of the gauge cluster with the push of a button, providing more info to the driver if they need it.

The IS interior features standard NuLuxe®-trimmed seating, with a 10-way power driver’s seat and an 8-way power-adjustable front passenger seat,  a dual-zone automatic climate control system with touch-sensitive controls, and an available power moonroof which my tester had.

The IS 500 features a standard 10.3-inch touchscreen with navigation and the excellent  17-speaker Mark Levinson® Premium Audio Package. The multimedia system features Apple CarPlay® integration and Android Auto™ compatibility.

The front seats are very supportive and provide good bolstering they offer heating and cooling. The most dated feature is a touch-sensitive square for interacting with the infotainment system. It’s the same interactive pad that has been in use in the RC since 2015

There is limited space for small items, I used one of the cupholders or my phone, and there also isn’t a wireless charger that space is taken upon by the aforementioned trackpad. Rear seat space is tight but the seats are comfortable and adequate for a short to medium-length trip.

Cargo Space

It’s a small sedan but the cargo space is still a decent 11 cubic feet and you get a small space-saver spare tire as a bonus, rare these days in most sporting cars available today.

Pricing

Base prices for 2024 start at $63.370, this one has the special l appearance package for $3,670 which includes this Blue vector paint, a black interior with blue stitching, these 19-inch matte black forged wheels wearing Bridgestone Potenza S001L, 235/40Rat the front and 265/35at the rear.  It also has illuminated door sills, and a carpeted trunk mat for an additional $545, taking the total price to $68,830.

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Verdict

The 2024 Lexus IS 500 is an absolute joy to drive with that magnificent V8, it’s a car that doesn’t just get you from point A to point B, it makes sure you arrive with a grin so wide people might think you’ve gone mad. That exhaust sound makes it all worthwhile. The downside is a dated interior and it could use an upgraded transmission, the existing Aisin 8-Speed requires the use of the paddle shifters instead of letting it do its own thing. That said it’s a dying breed, somewhat of a unicorn and I have to thank Lexus for continuing to make it.

2024 Lexus IS 500 F Sport Numbers

BASE PRICE: 63,370
PRICE AS TESTED: $68,830
VEHICLE LAYOUT: Front-engine, AWD, 5-passenger, 4-door sedan
ENGINE: 5.0L direct-injected DOHC 32-valve 90-degree V-8
POWER: 472 hp @ 7,100 rpm
TORQUE: 395 lb-ft @ 4,800 rpm
TRANSMISSION: 8-speed automatic
0-60 MPH: 4.3 seconds
CURB WEIGHT: 3,980 lbs
CARGO CAPACITY: 10.8 ft³ 
FUEL ECONOMY: 17 city/25 highway/20 combined.
OUR OBSERVED: 15.9 mpg
PROS: Magnificent V8, sonorous exhaust, great handling
CONS: Dated interior