Restore or replace my XJ-S...?

S1m0nR… name? we friendly here!

My two cents…
First question is, are you going to do the work your self.
If yes, it’s still a feasible project, but a long one… and 15k will most probably suffice, including buying all the tools needed.
It will need a complete strip down, screens out and all and then some serious metal work.
You do all the prep yourself, get it professionally painted and then put slowly everything back together.

This is exactly what I’m currently doing on mine, had some rust but not as bad as yours.
Started last February and still going on.

If you are not going to do the work your self I think that 15K might not even cover the bodywork…
Get your self an other car and transfer things to the new one.

Good luck and keep us posted.

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