In 1967 the Jaguar Mark 2 2.4- and 3.4-litre were rebadged as the Jaguar 240 and Jaguar 340 respectively. The 240 and 340 were interim models intended to fill the gap until the introduction of the XJ6 in September 1968. The 340 was discontinued on the introduction of the Jaguar XJ6 but the 240 continued as a budget priced model until April 1969.
The main difference between the 340 and Mark 2 3.4L was a cheaper interior trim, meaning Jaguar were able to offer the 340 at a lower price, but ultimately this has hit resale value and desirability in the current market. That's not to say the 340 wasn't popular; the 3.4 litre 210bhp engine from the Mark 2 was retained, meaning the 340 was still a desirable proposition, and a car of great ability.