So near and yet so far. The owner says this 1954 Jaguar XK 120 SE (for Special Equipment) Roadster, here on craigslist in Aberdeen, Washington, is “basically ready for reassembly.” But there are still many major parts shown in their original state, or not shown at all. Still, at least some of what has been done is to a high standard. The $58,000 asking price seems a lot for a car in this condition. The SE designation does add to the value, though.

The body has been removed and media blasted, but the nose at least looks fairly rough, and perhaps beyond the ability of body filler to hide a multitude of sins. No rust is visible, though. The photos seem to be from various phases of the work. Replacement parts include a left front fender and part of the right one, left and rear rocker panels, the hood, and miscellaneous fender skirts and supports.

Here’s the good stuff: The engine (a $10,000 job), transmission, differential and front hubs have been rebuilt, and receipts accompany the sale. The frame, wire wheels, and suspension have been sandblasted and powder coated. The rear springs and shocks are rebuilt. A new gas tank and skid plate await installation. A replacement rear bench with a battery box/cover is ready to go in.

And of course, this is a “very rare 120 SE.” Major questions for the seller are about the whereabouts and condition of the chrome (not a lot of it on this car, admittedly) and the interior. Is the engine the original, with matching SE numbers? None of this stuff will be cheap if it has to be sourced and then restored. Perhaps that’s what led this restoration to get stalled.

As many of us know, the XK 120 was originally built as a show car that would highlight the new XK twin-cam six-cylinder engine that was going into the Mark VII sedan. But when revealed at the 1948 London Motor Show, the XK 120 created a sensation.

The first examples, about 200, were built with an aluminum body. At first, only the roadster was available, but then fixed-head (coupe) versions came online, and a drophead with roll-up windows.

As a 1953 this is a late-production car—the 120 was replaced by the XK 140 in late 1954 as a 1955 model. In 3.4-liter form, the XK 120 produced 160 horsepower and could reach 125 mph. Zero to 60 took 10 seconds, ultra-fast for the period. And it was cheap, too, costing only £1,602 in 1953.

The SE model was unofficially called the M (for “Modified in the USA”). It added higher lift camshafts and twin exhaust pipes and was offered as a factory option for U.S.-bound cars from mid-1951. The 120 SE could achieve 60 mph in 8.7 seconds and was claimed to reach 132 mph, but that’s questionable.

The XK 120 was mostly sold to U.S. customers, and some 12,061 were made. They’re relatively rare with right-hand drive.