My response is.... No. Not a waste at all. If there was ever a marque that has no dignity in old age it's the Jag XJ. This bodyshape only ever got superficial updates in something like 30 years and there are sooooooo many ratty, shitty old ones around, it's like a blight.
Seriously, search Ebay for Jaguar <$1500 and There's about 10 of them, not to mention their Daimler counterparts.
It's no surprise that a 1998 model isn't worth much more than scrap, it's got very little to distinguish it from a 30 year legacy of peeled paint and rust!
Not to say I haven't considered buying on to pimp around in, hell even the V12s come up cheap.