Thanks al lot.
I was looking at a 2002 Ultra but might look at some other cars as I driver 12 - 15k per year and am planning to keep the car for about 5 years.
Welcome to the club.
There is nothing intrinsically more or less reliable about the Ultra vs. other models; they are the same basic car with just more add-ons. The Ultra models have a LOT more toys which can break; but they don't often do. The parts are expensive for some of these toys; but you can shop around online and on ebay.
I was told by the dealer that the Air Suspension components on the LS430 should last between 100-150k miles; but your mileage may vary and they are expensive to replace. The dealer told me when I bought my car that he's not seen any problems on an LS430 UL with less than 150k miles; but again anything can happen. I guess it depends on how long you plan to keep the car and how many miles you drive; there are kits that are available to convert the air spring cars to conventional coil springs if you choose to go that route.
The only other possible gotcha could be the laser sensor for the cruise control (which some other trim levels also have). It can break if a rock hits it and requires about $1800 in parts and labor to fix so make sure yours is working.
However if you are considering a UL model do your homework. In addition to the standard items test ALL of the electrical gizmos to make sure they work (this will take time). Also if you can get the dealer to go a CPO inspection it's worth it; you'll get a list of what they would fix to certify the car a Lexus CPO car and give it the warranty (not sure if they have this in Canada or not). The dealer will know the car better than anybody and tell you what would need to be fixed and an estimate of what they would charge you to fix it.
Depends on how much you drive. The typical A service (every 6,000 miles) which is a glorified oil change costs about $100 at my dealer in California; but I'm sure an independent shop would charge half that. Then there are brakes; tires etc. The tires for this car seem to be more expensive than your average tire. Aside from normal maintenance I've had no unforseen expenses (except for a nasty scratch that was probably my fault). The B service is every 30,000 miles (I think) and is a complete fluid and filter change (about $300 down here) but again an independent could do much better.
You'd have to drive it. I drove both LS430's at a Taste of Lexus event a few years back (if you search this forum you might find the post) and the difference is small but noticeable. The Air ride cars I've driven actually feel a little firmer than the standard coil sprung cars; but the air ride is 'smarter' than the standard coil spring suspension. I suspect tire choice is the bigger variable; my UL has a pretty firm ride but the tires I have are known for riding firm (and noisy).
There are no major mechanical gotchas at this stage; but again it will depend on the particular car you are considering. Make sure the 60,000 mile service was done (or they pay for it). Also see if you can get a record that the car's had regular oil changes; however the UZ series engine is almost indestructible. In these engines the big service item remains the timing belt at 90,000 miles but it sounds like this won't apply to you.
In 2 years of ownership I've had zero problems with my UL car but I drive it less than 8,000 miles a year. I think a bulb in the high mounted stoplight burned out; and the dealer talked me into cleaning out filters and the fuel injection system (I'm sure this was probably overkill) but aside from that nothing major has happened.
There are a couple little issues in some '01 models; mostly a noisy windscreen gasket and some other squeeks and rattles that are covered by TSB's that you can download off the Toyota service website. There was also a recall for a noisy steering column; the dealer should be able to tell you if this applies to your car or not. Also in some cars the striker plate for the trunk had to be adjusted. But no show stoppers; some '04 cars were recalled for a transmission replacement. Mine is a late model '01 car so it seems to be free of those issues; if you call the dealer and give them the VIN they can tell you when the car was made and when it was first in-service.
