I agree with izzy300. True, Lexus has probably scaled down production of the 2001 models, but there are also fewer people looking to purchase 2001's right now, with most set on waiting for the 2002's. Not only that, but since the IS300's 2001 model year is almost over, it has already depreciated (in terms of Kelly Blue Book values, etc).
Check out Edmunds.com as a guideline -
Edmunds - IS300
They put TMV, True Market Value at about 90% of MSRP. Assuming you're getting a fully loaded (leather, moonroof, LSD, heated seats)IS300 w/ spoiler (~$500?), you should be looking at paying 90% of $35,500 which is $31,950 before tax. Assuming 7% tax, about $34,200 out the door. And that is probably the most I'd be willing to pay. Even Carsdirect.com will give you a better price than your dealer is offering ($31,700 w/o spoiler) (I guessed 90050 as the zip code for LA). And that's even before starting to negotiate with a salesman.
[ July 29, 2001: Message edited by: GSXR600 ]