This was the fifth and final year for production of the RX 300. It would reappear as the RX 330 for 2004. In this last offering, the only change from the previous year was a one-touch power moon roof as standard equipment.

The RX featured the same 3.0L V-6 throughout its run, making 220 horsepower and 222 lb.-ft. of torque. The luxury car/SUV crossover continued to offer drivers the Lexus experience with the optional security of all wheel drive. The RX was quick off the line and powerful through a range of speeds. More a car than an SUV, its ride was neither bouncy or floaty, it was easy to get in and out of, and it had a stable feeling through the turns.

The RX 300 had a posh interior which offered passengers comfort, convenience, and luxury. Not to mention a great sound system. It was roomy enough for five adults, but storage space was tight. Size and space were common complaints for owners, in addition to some difficulty operating the CD player and in-dash computer while driving.