Much has been written about Jaguar’s era-defining sports car, the E-type, or as it’s better known here in the U.S., the XKE. Long, low, lean, undeniably beautiful and among the fastest, quickest and best-handling cars of its day, the E-type struck a chord from the day it was introduced. From performance to innovation to design, it was a grand slam for Jaguar—or whatever the cricket equivalent is.
As the E-type was in development in the late Fifties, Jaguar was ahead of the curve of most other manufacturers. With design and engineering proven on the racetrack, the Coventry-based company most famously won the 24 Hours of Le Mans five times between 1951 and 1957. Just as Detroit was getting comfortable with OHV V8 engines, Jaguar was perfecting its DOHC inline-six with a twice-around-the-clock, flat-out race of attrition that it frequently won. Jaguar pioneered the use of disc brakes at Le Mans and soon after it became standard kit on its sports cars and sedans. Rack-and-pinion steering, fully independent suspension with coil springs, and a unit-body/monocoque chassis were additional technologies engineered into the E-type.
Three Distinct Series
The XKE was a legitimate threat to breach the 150-mph barrier in stock form, at a time when three-digit speeds from street cars were a rarity, not the norm. Clearly an important car in British motoring history, the E-type proved popular in its primary market of North America. On the 50th anniversary of the model’s 1961 introduction, Jaguar shared that of some 72,520 total XKEs produced, 37,694 were sold in the U.S. and Canada. Those 72,000-plus cars are divided into three distinct series, all of which carry different weight with collectors.
Series 1 E-types are those built from 1961 through the end of the 1968 model year. Originally equipped with a 3.8-liter XK DOHC inline-six, the Series 1 received a power boost with a 4.2-liter version of the engine from 1965 on. The earliest cars have features like external hood latches, welded hood louvers and what is known as a “flat floor,” which refers to the tight spaces in the footboxes. Stamped hood louvers along with an in-cabin hood release soon followed, as did a modified floor with more space for driver’s and passenger’s feet A fully synchronized four-speed manual became standard for 1964. Thin bumpers, toggle switches on the dashboard and covered headlamps are signature elements of Series 1 cars.
With the advent of the Federal Motor Vehicle Safety Standards for the 1968 model year, Jaguar introduced some changes to the Series 1 cars for the North American market only. Gone were the covered headlamps. Toggle switches were replaced with rocker switches, the door panels and steering wheel were redesigned and there were even some changes under the hood. In place of triple SU carburetors, Series 1.5 E-types were fitted with a pair of Zenith-Stromberg units to meet the earliest U.S. emissions standards. Output dropped by 20 horsepower from 1967 to 1968.
The 1969 model year saw the introduction of the E-type Series 2, which included a revised body for all world markets, with uncovered headlamps that were moved forward a bit, a wider opening for the grille on the front end and a wrap around, rather than split, rear bumper. Turn signals were larger, too. Inside, the rocker switches became a worldwide standard and headrests were added to the bucket seats. A longer, higher and heavier 2+2 body style was added to the standard Fixed-Head Coupe and Open Two-Seater models.
The final version of the XKE, known as the Series 3, included the biggest change. In place of the cast-iron, twin-cam inline-six, Jaguar installed an aluminum-alloy SOHC V12 engine, which restored some of the performance lost to emissions controls, though by the Series 3 introduction in 1971, the E-type was heavier and more of a GT than an outright sports car. Along with the adoption of the bigger engine, Jaguar designed an even larger oval air intake with an eggcrate grille. The two-seat coupe was exorcised from the lineup, with the just the convertible and 2+2 models remaining for the Series 3. Wheel arch flares to accommodate larger rubber and larger bumper overriders were also part of the package.
Recent Market Performance
Enthusiasm for the E-type has persevered for more than six decades now and is reflected in the substantial value that some of these models carry today. We’ve covered recently some changes in the market the past couple of years, mainly volatility associated with a run-up during the pandemic and more recent retraction as money supply has gotten tighter. While the overall market may have reflected such a reset, it appears that the Jaguar E-type escaped any notable correction, with values largely on the rise.
Among collectors, the earliest cars with flat floors, welded louvers and the external hood latch, are considered the most valuable. Next up are the remaining Series 1 cars with covered headlamps. For drivers, the 4.2-liter cars offer a bit more oomph from under the hood. Some consider the 1967 model a sweet spot before emissions and safety regulations began changing the character of the car. Whiles Series 2 and even Series 3 cars were, for a time, less desired by collectors, as values of the earlier cars have risen, so too have values for the later cars. Particularly noticeable on Hemmings.com, we have seen the later V12-powered Series 3 models produce stronger than expected results in the past couple of years.
Jaguar E-type Performance on Hemmings.com
We looked at the sale of all Jaguar E-types on Hemmings Auctions and Hemmings Make Offer the past few years, with the results charted above. At first glance, while it appears that the prices dipped in 2022, those results included some models that may not have been as desirable, such as a coupe that had been converted to a convertible, a process almost certain to have a negative effect on the value of an XKE. Tossing out such cars from the average shows a consistent growth over the last three years.
Overall, though the sample size for 2024 is for only the first few months, we have seen a 51% growth in E-type values over the past three years, a strong result which may also reflect the quality of the cars crossing the Hemmings Auction block or being listed with Hemmings Make Offer. Thoroughly restored examples have been solid sellers on Hemmings.com.
Though the values continue to show a broad picture of growth, by one metric we may be seeing a levelling off in the coming months. At Hemmings Auctions, we try to be as transparent as possible, sharing reserves when we recap our sold vehicles. When it comes to the percentage over reserve that our auction and post-auction Make Offer vehicles achieve, that number has shrunk in the past couple of years, going from a high of over 28% better than reserve on average in 2022 to a hair under 4% this year to date.
Quality Can Make a Big Difference in Value
In just about every Market Snapshot, we’ve stressed that the vehicles in the best condition tend to perform better at auction. Not only does that hold true in the case of the E-type, but perhaps on an even higher scale. The difference between a project and a driver-quality example might be, say, $25,000 versus $50,000, but the difference between a high-quality driver and a concours-ready example could vary from $75,000 to $200,000 or substantially more. There is a significant premium to be paid for the higher-quality E-types on the market.
One thing that appears to have changed in recent years is that Series 2 and now even Series 3 cars are finally getting their due with collectors. Some of this movement is undoubtedly tied to the stronger and higher prices for Series 1 cars, but some of it can be attributed to enthusiasts of these cars for their particular features, such as the V12 in the Series 3 models. In the past 12 months, Hemmings.com sold two of the highest-priced Series 3 examples that have traded hands in a public forum, including a 1974 E-type Convertible that sold for $157,500 and a 1973 E-type Convertible that resulted in a net sale price of $147,000. Both of these cars appeared to have been very thoroughly restored and presented as excellent examples.
Restoration Costs to Consider
Restoration costs on an E-type, it should be noted, can be breathtakingly expensive. There is a whole sub-industry of this hobby dedicated to E-type restoration on both sides of the Atlantic. “Six figures” is the common response when asking what an XKE restoration will cost. That number appears to be merely a starting point, with a whole lot of variables, including perhaps correcting an older restoration, the amount of metal needing replacement, what portion of the original parts can be salvaged, what amount of originality and patina is desired by the owner and so on. We’ve even seen stacks of receipts from our sellers indicating tens of thousands of dollars in just general refurbishment, detailing and maintenance costs prior to some cars being listed on Hemmings.com.
Factoring in restoration costs when considering an E-type works two ways. In some cases, you may need to consider restoration or refurbishment costs, while in other situations, such as bidding on a previously restored vehicle, you may be getting restoration costs at a significant discount as few restorations will return the investment by a private owner in a short period of time.
The E-type market appears as strong as ever, with positive results for not just collectors of the earlier cars, but also Series 2 and, most noticeably, Series 3 models.
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