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The first new Jaguar coupe in 21 years.

And with it comes a convertible.

And a V-8 engine.

And a 5-speed automatic.

And a suspension that keeps coupe or convertible plastered to the pavement.

It wasn’t too long ago folks were wondering whether Jaguar would survive. Now there’s giddiness among Jaguar aficionados because the once-comatose automaker has brought out a new product.

Thank you, Ford Motor Co.

Ford, you may recall, purchased Jaguar in 1990. Jaguar had been floundering, and Ford bailed it out not only with money but also with expertise in designing, developing and building cars.

The 1997 Jaguar XK8 coupe and convertible benefited from Ford’s largess, but even more influence will show up in the 1999 model year, when an entry-level Jaguar sedan, code-named X200, arrives. Ford will get a version of that car.

The XK8 we tested replaces the XJS, a 21-year veteran so long in the tooth it had lost its snarl.

While the old Jaguar XK-E coupe had spirit, the XJS was more of a touring coupe. The XK8 brings back the adventure.

The 4-liter, 32-valve V-8–Jaguar’s first V-8, which is also heading for the X200–develops 290 horsepower and, thanks to variable cam phasing, or timing, delivers a minimum of 80 percent peak torque between 1,400 and 6,400 r.p.m. That means quick response when pulling away from the light or when pulling out to pass even after you’ve reached cruising speed.

The V-8 is teamed with a 5-speed automatic with 5th gear overdrive to conserve fuel. The electronically controlled transmission knows whether you’re a feather-foot or a lead-foot and shifts accordingly.

The low-slung convertible we tested has adopted the Mercedes-Benz roadster approach by incorporating push-button up/down operation. The top unfastens/fastens itself. You can perform the same task from outside the car by holding the key in the door lock for several seconds.

The top is well-padded and noiseless even at high speed. The rear window is glass for easy defrosting. But the top sits low, so the taller you are, the more you have to recline the front seat to avoid tickling the top with your dome.

No way to tell if there’s ample headroom in back because the rear seats are merely decorations to avoid the insurance premium on two-seaters. Front-seat backs touch rear-seat fronts.

In a break with tradition, Jaguar says you can raise or lower the top while driving at speeds up to 10 m.p.h. Could prove handy in a sudden shower.

When it does rain, automatic stability control regulates fuel flow to the engine to slow the car and help provide traction on slippery surfaces. Traction control, part of a $2,000 all-weather package that includes heated seats, takes ASC a step further by applying ABS to the slipping wheel.

And to maintain contact with the road even when driving aggress ively, the XK8 wears 17-inch performance tires. As often is the case when the paws are that massive, you feel optimum grip when accelerating in a straight line or taking the corner rather tightly on dry surfaces. Put a little water on the pavement or find yourself on one of those roads where heavy trucks have warn groves in the road and the tires tend to wander a bit.

Dual air bags and ABS are standard.

Jaguar still is a prestige marque, moreso with the XK8’s comfortable, driver-friendly, high-performance environment.

Base price is $69,900 for the convertible, $64,900 for the coupe. Add $580 for postage and handling.

When given the choice to drive the 1997 Jaguar XK8 coupe or convertible (Cartalk, Nov. 3), we opted for the droptop first because you never know when the weather will prohibit open-air motoring in the Midwest and because we thought it was better looking than its hardtop coupe stablemate.

The convertible is the morefashion ble, but we found the hardtop coupe more enjoyable for everyday driving.

The coupe’s exhaust lets out a muffled rumble that adds to the performance image of the 4-liter, 290-h.p., 32-valve, V-8. The coupe feels more lively than the convertible.

The coupe also provides more headroom than the droptop though the pillars and roof are amply padded and somewhat reduce the field of vision.

Jaguar denies that the roof and pillars are well-stuffed in anticipation of 1999 federal standards that mandate interior cabins offer more cushioning to protect occupants in a collision. It is difficult to imagine that the cabin could be padded more than it is and allow the driver and passenger to see.

Base price: $64,900, a $5,000 savings from the $69,900 convertible. Add $2,000 for the all-weather package that includes traction control and heated seats, $1,800 for a premium sound system with compact-disc changer and $1,000 for chrome-plated wheels. Then there’s the $580 for freight, which leaves you with a $70,000 Jaguar without room for two passengers in back.

>> 1997 Jaguar XK8 convertible Wheelbase: 101.9 inches Length: 188.4 inches Engine: 4-liter, 290-h.p., 32-valve, V-8 Transmission: 5-speed automatic EPA mileage: 17 m.p.g. city/24 m.p.g. highway Base price: $69,900 Price as tested: $74,700. Includes $2,000 for all-weather package, including traction control, heated front seats, power headlamp washer; $1,800 for premium sound system with compact-disc player; and $1,000 for chrome-plated wheels. Freight runs $580. Pluses: All-new design, but one that still says you are driving a Jaguar. New powerful V-8 engine, new 5-speed automatic transmission. Automatic stability control for up-and-down and lateral maneuvers plus traction control. Convertible top unlatches and lowers/raises and latches automatically–even at 10 m.p.h. if caught in the rain. Dual air bags and ABS standard. Minuses: Rear seat for insurance purposes only. Limited front-seat headroom. >>