2023 Lexus IS 500 Premium review by Ben Lewis
Do you remember the original Mad Max movie? We see Max, aka Mel Gibson driving the Pursuit Special, a heavily modified Australian Falcon GT, that in the movie they call “The last of the V8 Interceptors.”
It’s funny that the thought popped in my head when I drove the Lexus IS 500 with its massively powerful 5.0-liter V8. But I did wonder, how much longer will we have cars like this? While we seem to be marching towards a world of EVs, many of the IS competitors have swapped a naturally aspirated V8 for turbo 4- and 6-cylinder engines. Some, like the Mustang and Challenger have announced the swan song for V8 performance cars.
So, is now the time to own one? Especially something as unique as the Lexus IS 500? Let’s find out.
Molten Hot Looks
Well, the IS 500 has a look Mad Max would certainly approve of. In 2021, all IS models got a restyle that must be considered one of the best Lexus has ever done, with a sporty aggressive look that makes its competitors look a little frumpy. Yes, a passionate Lexus!
The front features the signature Lexus massive spindle grille that may seem overdone on some models, but on the IS 500 that giant opening just fits – like a hungry shark ready to bite! Those keeping score will also like to know the IS 500 features a hood that’s been raised nearly 2 inches, along with lengthened front bumper and fenders – all to fit that lovely V8.
The profile continues the IS-on-steroids look. From the side, you can see more muscular, bulging fender flares and sharp cut lines that keep things crisp. If that’s not enough to make you want one, you probably have noticed the eye-searing Molten Pearl Paint and 19-inch Matte Black BBS Forged Wheels. Part of the Special Appearance Package, Lexus will only build 150 of them – we say, hurry to your Lexus dealer! This is a stunning, jaw-dropping, color combo. It oozes show-car cool.
The rear continues the celebration of power with a black lower rear diffuser embracing staggered quad exhaust pipes – a Lexus IS V8 signature feature. Tasteful details include an LED light bar that sweeps across the width of the vehicle, and a blacked-out lip spoiler – the perfect finishing touch. Going out in style? You bet!
Serious Surroundings
Inside, the IS stays a bit traditional. Where competitors like the BMW 340i have gone for the full-sweeping digital display, the Lexus has a modern but analog feel.
The gauge package includes and 8-inch TFT display with large, center-mounted tachometer, part of an entire display that slides over to reveal more info – a great party trick.
In the center console is an ample 10.3-inch infotainment system, with standard Navigation, Apple CarPlay, Android Auto, Amazon Alexa, plus the suite of Lexus Enform goodies like Wi-Fi, Remote features and Destination assist. Even better, it’s also a touchscreen, which allows you to bypass the mouse-screen controller on the center console. It’s too fiddly to be something you’ll use often.
The switchgear is a little old school, but it makes for quick friends – everything else is laid out in a logical fashion – the fat, leather-wrapped steering wheel and stubby shifter fall right to hand, the climate controls are simple and easy to use, and Lexus is kind enough to include volume and tuning knobs for the audio system.
You definitely get the feeling of high-quality materials from the superbly supportive heated and ventilated NuLuxe (faux leather) front sport seats, and soft touch materials wherever your hands and elbows land. All IS 500 Sport Performance models add new Satin Chrome finishers which brighten up the interior, and on our Special Appearance Package tester you also get carpets outlined in a vibrant orange that matches the Molten Pearl exterior paint. Nice.
The rear seats will hold adults, but like most vehicles in this class, you probably wouldn’t want to go on long trips back there. On the other hand, we had friends who would gladly endure anything just for a ride in the V8 Lexus!
Despite its supercar mission, the IS even is quite practical, the split folding rear seats have a generous pass-through letting you bring along a surprising amount of gear.
Enter the Powerhouse
Of course, most of this stuff can be found on any Lexus IS with an F SPORT package. What makes it different is what lives under the hood.
In a world where we see many manufacturers saying adieu to the V8 and hello to turbo fours and 6’s, we’re thankful that Lexus still believes in offering an eight-cylinder model.
And what an 8! This thing is a beast, a 5.0-liter, normally aspirated 32-valve, quad-cam masterpiece pumping out a massive 472 horsepower at a dizzying 7,100 rpm and 395 lb.-ft of torque.
Push the starter button on the dash, and a deep “whump” flows into a low burble that must be how Darth Vader sounds during his morning gargle. You don’t just hear it; you feel it and it immediately begs you to tap the throttle. Do that, and you get pure V8 goodness – a rich tone that’s a mix of NASCAR and creamy Lexus goodness.
Put the stubby little shifter into Drive and pull away, and the quad pipe exhaust sounds simply lustrous, and if you ease it around town, it sounds sweet and powerful. But really put your foot in it and this baby sings with a spine-tingling battle cry that’s pure performance and completely addictive.
Finding that power to the rear wheels, the 8-speed automatic is a perfect pairing – Lexus smooth in the daily drive, but in Sport Mode it shifts hard, giving you a solid kick in the back as it executes a lightning-fast shift. 0-60 mph in the lower 4’s shows the 500 can move as good as it sounds. It’s been noted that turbo models like the BMW M340i may actually be a little quicker, but they don’t sound like this!
That Lexus breeding really comes through in the ride and handling. Where some competitors will skew towards a harsh suspension to squeeze out a few tenths of a G, the IS remains supple and comfortable. There’s loads of grip in the turns, and the Torsen Limited slip lets you spur those ponies coming out of the turns and rocket away.
We really love the chassis balance here, too. The steering has wonderful feel, there’s a nice amount of heft, and brakes are reassuring and powerful. This is a true dual-purpose vehicle, stunningly fast and easy to drive quickly, yet Lexus refined and relaxed in the daily drive. Win-Win.
The Cost of Perfection
Well, you had to ask, didn’t you…The stylish Lexus IS line up starts at $41,235 – with a 241-horsepower, turbo 4-cylinder, it’s a strong competitor to the BMW 3 series and Audi A4.
The IS 500 is at the other end of the spectrum, a special vehicle aimed at a discriminating few petrolheads. The 500 starts at $62,020, and our ultra-limited-edition Special Appearance Package adds $3,570. A nice set of mats came in at $320, and with $1,150 for Destination, we rang the bell at $67,060.
The IS 500 squares off against some big names. The 382-horsepower turbo 6 BMW M340i comes in at $68,470, and features some updates like an all-digital dash display, 48-Volt mild hybrid and available AWD. It’s a wonderful package – but feels less unique than the IS 500. The other big dog would be the 349-hp turbo V6 Audi S4 at$65,750. Also wonderful, also very German. But it’s hard to feel to shouty about it when the 472-horse V8 IS 500 rumbles by.
The 2023 Lexus IS 500 F SPORT Performance seduces with gorgeous looks, an intoxicating 472-hp V8, and all the refinement you’d expect of a Lexus. If this is the end of the V8 super sedan, it’s going out at the very top of the game. We say, get one now!
Ben Lewis grew up in Chicago, and after spending his formative years driving sideways in the winter – often intentionally – moved to sunny Southern California. He now enjoys sunny weather year-round — whether it is autocross driving, aerobatics, and learning to surf.