'$46,000' Jaguar E-Type discovered in a garage

A decaying Jaguar E-Type sports car that was discovered in a damp and dusty garage, where it had languished for more than 30 years, is to be auctioned by Bonhams at the Royal Airforce Museum in London on April 29.

Although filthy inside and out, and covered in rust, the car has been valued at £30,000 ($45,982), and could be worth as much as £120,000 ($183,958) once it is fully restored.

barn find Jaguar auction
Although repairs will prove costly, the Jaguar E-Type could be worth as much as $120,000 ($183,958) if restored

Following its launch in 1961, Enzo Ferrari described the Jaguar E-Type as "the most beautiful car ever built".

Some 70,000 were manufactured, though only a handful of originals are still with us today.

The present model belongs to a naval architect from Bath, UK. Having bought the sports car in 1965, spiralling running costs forced him to consign it to the garage in 1983, where it has remained ever since.

Bonhams' Jon Polson suggested that the fact the car had been owned for such a long time by one person communicated something of how special it was.

A comparable 1974 E-Type Jaguar with extremely low mileage sold for $100,740 in April 2012, indicating the "barn-find" could do well when it too goes under the hammer.

Classic cars can be a great investment. These symbols of luxury have increased in value by 23% over the past year, according to Knight Frank's most recent Wealth Report. For more information on the market, visit our free guide to investing in classic cars.

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