The Jaguar XK Series' first generation concluded at the end of the 2006 model year.  A design team led by Ian Callum would give the XK a complete overhaul for 2007.  There are only minimal changes for 2006, most focused on minor interior and exterior details.

The XK Series was the first Jaguar to use the now common (among Jaguars) 4.2 liter V-8 engine.  Jaguars were traditionally powered by V-6 and V-12 engines, and this was the first V-8.  This engine delivers 294 horsepower and 303 pound-feet of torque, and is mated to a six-speed automatic transmission.

The Convertible XK comes standard with a power top, 18-inch wheels, wood inlays, leather power seats with a memory function for the driver, automatic climate control, reverse-parking sensors, one-touch windows and a 320-watt Alpine audio system.  A navigation system and adaptive cruise control are both optional.

The XK is a capable grand tourer, with a stable ride and plenty of pickup through the entire speed range.  However, reviewers and test drivers suggest the supercharged XKR variation to those in search of true sporting experience.