A rusty Jaguar convertible, which doesn't run currently, sold at auction this weekend for more than $126,000, nearly five times its estimate.

As if that wasn't enough, the new owner will have to spend another $194,835 to get it running again.

The dilapidated E-Type Roadster sold for $126,235 which is the same price as a brand new, top-of-the-range F-Type convertible, according to the Daily Mail.

The vehicle went for so much because it is one of the rare "Flat Floor" models. Only 170 or so are left in existence.

The vehicle was stored away and off the road for the last 20 years before it was finally reintroduced at Bonhams' Beaulieu auction. There was no shortage of interested, according to the Daily Mail.

The buyer, who has not been identified yet, has to pay way over the $24,354 to $32,462 estimate to get the vehicle. Even after it is restored, there is a good chance the owner could make a profit on the car.

A Flat Floor model E-Type in excellent condition was sold for $40,585 in 2011, less than the rusty Jag.

"The early cars are the collectible ones and prices are still going up," said Nick Goldthorp, from Jaguar specialist Classic Motor Cars in Shropshire, according to the Daily Mail. "I was not really surprised when it sold for £77,000 ($125,000) and, when restored, it will probably be worth in excess of £200,000 ($324,677)."

Once the vehicle is back on the road, the E-Type's 3.8-l engine will develop around 265 horse power.

This will give the sports car a 0-60 mph time of seven seconds and a top speed of 150mph.

The E-Type, which launched in 1961, was voted the greatest car of all time last month, besting Aston Martins, Rolls Royces and the VW Beetle to the title. 

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