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The first Jaguar Project 7 is the new kid in Harry's Garage

The Jaguar Project 7 is more than just an F-Type with a dab more power and a special body, and Harry Metcalfe (who advises Jaguar Land Rover Special Vehicle Operations, which built the car) is here to show us why. This limited-production model is something truly special, and despite Metcalfe's role with JLR it's hard to misinterpret the enjoyment in his eyes when the supercharged V8 roars. Metcalfe's Project 7 is number one of just 250 cars built and wears a British Racing Green body with orange accents around the nose, mirrors, brake calipers, and underneath the rear spoiler – classic sports car style with a little modern flash. His example is also special because the entire build team signed the area underneath the trunk lid. While the engine comes up to temperature during his drive, Metcalfe shows that the Project 7 can be a fine grand tourer, and he eventually puts the throttle down to let his audience here the sublime engine. Metcalfe claims the limited edition Jag actually has too much horsepower but he means that in the best way possible. Driving it reminds him of being behind the wheel of his Pagani Zonda – a fine compliment for a grand tourer to be compared to an ultra-exotic supercar Find out why by taking a ride with Harry.

This or That: Mercedes S-Class 350SD vs. 2003 Jaguar XJR [w/poll]

Budget. It's a wretched word, whether you're going out to eat, shipping for a new outfit or, more relevant to today's discussion, buying a car. Massive marketing machines have convinced us, as a population, to buy the best you can afford, repercussions be damned – If you've saved up some money, spend it! All of it, on whatever it is that currently sits atop your personal Amazon wishlist, be it a Timex that takes a lickin' and keeps on tickin', a $17,000 Gold Apple Watch or a $60,000 Rolex Cosmograph Daytona. But what if the best you can afford is... say, $12,815? For that price, you can buy a brand-new 2015 Nissan Versa (including destination), assuming you're happy with zero options and a manual transmission. For that price, you'll get standard air conditioning, a CD player and... well, a warranty. Pretty sensible choice, Captain Frugal. But also ridiculously uninspired. And so that brings us to today's edition of This or That, in which two Autoblog editors pick differing sides of an argument and duke it out to see which one of us can convince you, dear reader, is better. Or at least less wrong. You be the judge. As a refresher, I'm two-and-two on these challenges, having lost the first and second editions before storming back in rounds three and four. Today, as alluded to above, we decided to throw our collective brainpower (oh lord, what have we done?) at what may be the single most difficult question currently confounding the best minds our planet has to offer: What is the best used used luxury car you can buy for the price of a 2015 Nissan Versa? Shall we meet our contenders? Allow me to introduce you to the most perfect luxury car money can buy (assuming the amount of money you're holding is equal to the amount of the cheapest new car currently sold in America, the Nissan Versa). My pick is the 1991 Mercedes-Benz S-Class. Not just any S-Class, but the legendary W126, which was produced between 1979 and 1992. And not just any W126, either, but one powered by a 3.5-liter turbodiesel engine. And with that, I send the argument to my esteemed colleague, Associate Editor Chris Bruce. Bruce: Jeremy, we had over $12,000 to budget for this challenge, and the best you can manage is a 24-year-old diesel Mercedes? I love oil-burners as much as any other auto writer with their mountains of torque and huge cruising range, but you're making this too easy on me. Also, you're really choosing a brown, diesel, German luxury sedan?

Jay Leno hits the road in a 1951 Jaguar XK 120 Hot Rod

The 1951 Jaguar XK120 featured in this episode of Jay Leno's Garage might look vaguely like a classic Jag roadster at first, but underneath this cat is something completely different. It was built by Leno's buddy Jason Len of XK's Unlimited when he grew tired of keeping these convertibles stock, and this aluminum-bodied beast was the result. Practically the only major Jaguar part left is the engine. It's a tuned 3.8-liter inline six from an E-Type with Weber carbs that makes an estimated 300 horsepower out of some gorgeous side-exit exhausts. The mill is backed up to a BorgWarner five-speed manual. However, the big surprise is the chassis. In place of Jag's original solution, Len has a custom tubular space frame that he claims sheds some 1,000 pounds over the stock example. There are still some classic Jaguar touches left, though, such as the fin over the driver's head that is reminiscent of the D-Type, and both the wheels and gauges are replicas based on that classic racer. Of course the best part is watching Jay drive this Jag hot rod. This big cat really knows how to purr.