Jaguar XJ

If research from the past decade is anything to go by, then today – and every day – there will be an average of 29 new millionaires in Britain.

Since 1992 the number of UK millionaires has rocketed from 6,000 to 80,000 and worldwide, more than seven million people qualify for this 'exclusive' club. This group, backed by an army of affluent neighbours who have yet to see their bank balances feature six zeros, have money to spend and are driving demand for premium cars up much faster than their non-premium rivals.

For Jaguar these figures make reassuring reading and have given it the confidence to invest millions of pounds in the new XJ, which appears in showrooms in the spring. The XJ has already been the biggest success story in the company's history. The original model appeared 34 years ago, badged XJ6, and since then the range has sold more than 800,000 units, accounting for half the Jaguars ever built.

The new model keeps the feel of heritage buyers want, but little else, instead embracing new technology in all areas of the car.

On the outside, little seems to have changed as the traditional look remains, but the similarities are in part down to skilful design that masks some of the biggest changes in the model's history.

Underneath the skin, Jaguar has completely changed the XJ, shifting to an aluminium body construction that slashes the car's overall weight by some 200kgs – the body itself is 40% lighter, making the base model 95kgs lighter than a 2.5-litre X-type. This allows for improved fuel economy, a stiffer shell and better handling.

Jaguar has spent millions of pounds on a new press shop to create the aluminium panels for the car, which are riveted and bonded together in a new body assembly plant, both based at its Castle Bromwich manufacturing facility.

David Scholes, chief engineer at the firm, is clear about the role the XJ will play in future developments.

He said: 'The XJ is the bedrock of Jaguar's future. It is the most advanced production Jaguar ever. Our priorities for the new XJ were to excel in a number of areas. We have improved headroom, legroom and luggage space, but the XJ is still instantly recognisable as a Jaguar.'

Overall, the wheelbase of the standard XJ is the same as the long wheelbase versions of the current car (an even longer wheelbase version could follow). The boot is 25% larger than the current XJ at 470 litres, while overall volume inside the car, including the boot, is up by 40%.

The new XJ is also longer, taller and wider than the current model, with rear seat passengers benefiting most from more legroom.

The 3.0-litre 240bhp V6 found in the X-type and S-type is now available in the XJ as the entry-level version which revives the XJ6 name.

There are also three V8s to choose from, all based on the same engine. The least powerful version is the 262bhp 3.5-litre V8. This is based on the 4.2-litre engine that is also available, but is modified for a smaller capacity. The larger 4.2 comes in basic 300bhp guise or the fire-breathing 400bhp supercharged version.

All engines offer improvements over the outgoing models, with the XJ6 faster to 60mph from a standstill than the 3.2-litre V8 it replaces, while carbon dioxide emissions have been drastically reduced.

However, with no diesel planned (X-type and S-type will be first to get one within the next 18 months) they are still at the top end of the scale for company car tax bills. The lowest emitting car, the 3.0 V6, emits 249g/km of CO2, enough to incur a company car tax bill of 33% in 2003/04.

Prices will not be released until nearer the spring launch date, but they will start at about £40,000. We will then be given a chance to drive the cars and test their real-world economy and performance.

All cars come as standard with a six-speed automatic gearbox and specifications range from XJ6 to Sport, SE, XJR and Super V8.

Air suspension is standard, including CATS adaptive damping to change ride height and suspension settings according to driving conditions, while the Adaptive Restraint Technology System knows whether someone is in a seat and their weight, so it can react accordingly in a crash.

Other equipment includes an electronic parking brake, dynamic stability control and traction control, rear parking distance sensor, rain-sensing wipers, leather trim, automatic climate control, cruise control (its industry-first adaptive cruise control which keeps you a set distance from the car in front is an option), CD player, driver and passenger front, side and curtain airbags, anti-lock brakes and emergency brake assist.

Pedals can be electrically adjusted, while the front seats are 12 or 16-way adjustable, thanks to an independently moveable seat base.

Customers can order three rear-seat configurations which can include electrically variable seats as well. Given the size of your car allowance, Jaguar can provide a whole range of added extras for both front and rear passengers.

There is front or rear voice activation of major controls, navigation system or a multimedia pack that can provide twin screens in the rear headrests that can play DVDs, videos or games independently of each other and still allow the driver and front seat passenger to listen to their own music, thanks to a new wiring system based on fibre optic cables.

For example, the front passenger could be watching TV when stationary, while one of the rear passengers is viewing a film on DVD and the other rear passenger is playing a video game.

The XJ faces tough competition from the new BMW 7-series, a facelifted Mercedes-Benz S-class and the new Audi A8, as well as Volkswagen's Phaeton. But Jaguar is confident. A spokesman said: 'The new Jaguar has moved itself and the wider automotive industry forward.'