According to post count, there's a less than 10% chance you'll need to worry about the oil leak from the timing cover... but I had it and my car was at around 75k miles. It's an 06' though so maybe after all those years...

Extended warranty saved me over 3 grand.

 

With only 40,000 miles, you should ask about low mileage IS350 problems :/

If I were you, I wouldn't buy it. It's not likely anything will go wrong within a year. The only thing I sometimes hear about premature failure is the water pump but that doesn't seem to be common. Another thing that might go out because of age of the car is the navigation.

 

147K on my 07 IS350, I had a non-responsive nav screen which was fixed for $400, I had the transmission fluid changed a couple times after 100K and I installed new HID bulbs, but thats about it for non-standard maintenance.

The most annoying problems with second gen IS's seem to be rattles and squeaks. I have this creak/pop from the roof that happens when the car is going up an incline or uneven surface. Super annoying, but not a deal breaker. I heard people have annoying rattles with their dashboards too.

I don't doubt this car will make it to 200K just as my 98 es300 has made it to 240K (still going!) Lexus builds great cars as long as you maintain them.

 

95k on my 2007 no problems here. Just did the rotors and brakes about to do spark plugs and coolant.