Like many classic cars, values for the 1954 Jaguar XK120 Drop-Head Coupe have ridden a roller coaster over the past two years. They haven’t done anything dramatic, but they have ebbed and flowed. They are showing signs of rising once again, which could make the discovery of this example in a Texas barn a fortuitous one. It is an essentially complete and solid classic that is a prime candidate for restoration. The process is not likely to be cheap, but the results could be worth the cost and effort. Located in Astoria, New York, you will find the Jaguar listed for sale here at Gullwing Motor Cars. The seller has set the price of admission to this classic project at $59,500.

It isn’t clear how long this Jaguar had spent hidden away in a Texas barn, but I suspect that we could measure the time frame in decades rather than years. The saving grace, in this case, is that the prevailing climate should have preserved the original steel fairly well. There is some evidence of minor rust around the car’s rear near the bumpers, but the rest of the panels look pretty clean. The owner supplies no information on the state of the floors and frame, but since this car will require dismantling to the last nut and bolt, the buyer can address any issues at that point if they seek perfection. The original Black paint is well past its best, so I see a trip to the media-blaster in this Jag’s future. The panels are pretty straight, with no noticeable blemishes or marks. It appears that all of the exterior trim is intact, except for the hubcaps. The soft-top frame looks good, and while the top itself is okay, the rear window is quite cloudy. It would be worth the effort to deep clean the top, although the buyer should be prepared to spend approximately $500 for a replacement. The glass shows no apparent damage, and overall, this looks like it could be a reasonably straightforward restoration.

Jaguar has a long history of slotting straight-six engines under the hoods of its offerings. The XK120 is no exception, with its engine bay occupied by the original and numbers-matching DOHC 3,442cc engine that produced 160hp in its prime. The power found its way to the rear wheels via a four-speed manual transmission, allowing this classic to cover the ¼ mile in 17.2 seconds before winding its way to 120mph. While the seller emphasizes the drivetrain’s originality, he provides no information about its physical state. It isn’t clear when this six last ran or if it even turns freely. If it does turn, reviving it may not be a complex undertaking. However, the buyer would probably be well advised to brace for the cost of a rebuild. That won’t be a cheap process, but it may prove to be a necessary evil if they intend to retain this classic’s originality.

As with the rest of this Jaguar, its interior is complete but would benefit from a large helping of TLC. When it was new, the combination of Red leather interior trim with a Black exterior would have made a bold statement. It could do so once again, but it will cost some money. Locating the correct upholstery and carpet will not be difficult, but it will also leave no change out of $5,000. Most of the timber trim has seen better days and will require the attention of a specialist to return to its former glory. Once again, this will cost quite a few dollars. However, with new interior trim and that walnut dash glowing richly, this will be an inviting interior that should turn heads.

During its seven-year production run, Jaguar built 12,078 examples of the XK120 across three model types. Of those, a mere 1,769 were the Drop-Head Coupe. That makes this car one of the rarest examples of the XK120 to roll off the production line. Recent sales results suggest that if restored to a high standard, this Jaguar could potentially achieve a value nudging $100,000. It could climb slightly higher, but that will depend on prevailing market conditions. The restoration process looks like it could be reasonably straightforward, although the state of its drivetrain is an unknown quantity. With what you’ve seen so far, would you be tempted to tackle this restoration?