Couldn't have made a more blatant grammatical faux pas here!
You said:
"Two types of cars make the penultimate collector cars–the first and the last off the line. This 1974 Jaguar E-Type is the latter, with it considered being the last regular production E-Type produced."
"Penultimate" means...wait for it...second to last!
The correct word in this case is ultimate.
~ Dave D.