The 1975 Monaco Grand Prix was an event tinged with sadness. Graham Hill had won the race five times but his last victory was six years before. Now 46, Mr Monaco drove out of the pitlane to practise, but where he had once reigned supreme this time he failed to qualify. The twice world champion didn’t race again and died in a plane crash later that year.

Ten years ago Graham’s son Damon earned a drive for the Williams Formula One team and was crowned world champion three seasons later. But like his father, Damon failed to quit while ahead and his once meteoric racing career came to a desultory end in 1999.

By coincidence, 1993 was also notable for the debut of the Aston Martin DB7. It too was destined for greatness, becoming the most successful Aston ever. Unlike Damon, though, it has yet to retire.

Quite the reverse. The DB7 has received a new set of clothes and a host of under-the-skin modifications to persuade us it is an alternative to terrifyingly able and young rivals such as the Porsche 911 Turbo, Mercedes-Benz SL 55 AMG and Ferrari 360 Modena. But at £104,500 we’ll need some convincing.

The car is called the DB7 GT and one phrase to avoid within earshot of its creators is “run-out special”. They claim that the GT is a new model in the Aston line-up and could be available indefinitely, but they cannot confirm it will still be in production this time next year. You might conclude, therefore, that the DB7’s replacement is actually round the corner but that AM is keeping quiet to stop killing sales stone dead.

That said, you can’t carp about the thoroughness of what’s been done to the car. The cosmetic changes are minor and chiefly concern a new rear spoiler, bonnet, mesh front grille and GT badging. More importantly the engine electronics have been tweaked to lift power from 420 to 435bhp, the gearing has been shortened for more punchy acceleration, the gearchange quickened, the suspension reworked, the steering rack relocated, the brakes uprated and a more efficient and sexier sounding exhaust fitted.

And it all works very well. The extra power is not life changing but with the shorter gearing it helps the DB7 GT to feel fast and fully capable of Aston’s claimed sub-5sec 0 to 60 time and 185mph top speed. Better still, this performance is more accessible and easily exploited. The gearchange, once a weak card in the DB7’s suit, is now fast and slick and the brakes are beyond reproach.

But it is the handling that has taken the biggest step forward. When the DB7 gained a V12 in 1999 it was happy enough driven briskly but felt ponderous when pushed. That vagueness has been replaced by a pleasing precision and sportiness at little or no detriment to the ride.

However, while the modifications work as well as can be expected, at its heart the DB7 is an incredibly old car. Incredibly old? Nobody thinks of the Ferrari 456M as incredibly old yet it appeared in the same year as the DB7. But what you can’t see when you pore over the Aston’s beautiful curves is that they hide the bones of the Jaguar XJS, and that first went on sale 28 years ago.

You can detect the Jaguar’s genes in the DB’s disappointingly cramped cabin and the feeling that it falls well short of younger models’ structural rigidity. For all its new-found strengths, the GT still feels ancient after a 911 Turbo or an SL 55 and, inside at least, it looks it.

I have liked those few DB7s I’ve driven and this one is no exception. Its looks, character, power and sound had considerable appeal before this update and these talents have been greatly enhanced with the GT.

Even so I couldn’t say that it’s more deserving of your hundred grand than its aforementioned rivals. Not that the Aston is bad, it’s just that the competition has moved on.

You can do many things when you are old: you can wear the latest fashions, live in the gym and stay up all night but you cannot turn back the clock. The DB7 should learn the lesson of Hill, father and son: better to go with a roar now than a whimper later. I hope that’s what the DB7 GT has been designed to achieve.

VITAL STATISTICS

Model Aston Martin DB7 GT
Engine type V12, 5935cc
Power 435bhp @ 6000rpm
Torque 410 lb ft @ 5000rpm
Transmission Six-speed manual
Suspension (front) double wishbones, coil springs, anti-roll bar; (rear) lower wishbones, coil springs, anti-roll bar
Tyres (front) 245/40 ZR18, (rear) 265/35 ZR18
Fuel 14.2 mpg (combined)
C02 476g/km
Top speed 185mph
Acceleration 0 to 60mph: under 5sec
Price £104,500
Verdict A successful update but one that can't disguise car's age