This study aims to examine the effect of Jaguar’s 2024 rebranding initiative through the lens of a psychological perspective. Drawing on Aaker’s Brand Equity Model and Mandler’s Schema incongruity Theory, the paper assesses how the drastic shift has influenced how consumers perceive Jaguar. Aaker’s model identifies key traits of brand equity as (1) brand loyalty, (2) brand association, (3) brand awareness, and (4) perceived quality. A cross-sectional survey of South Korean consumers familiar with Jaguar measured changes across the aforementioned variables. Statistical analysis through the Mann-Whitney U test and paired t test revealed a significant decline in all four dimensions among respondents who perceived the rebranding as extremely incongruent. In contrast, moderate incongruity showed no major negative effects, supporting the inverted U-shaped relationship posited by schema congruity theory. As a result, the findings underscore the importance of balancing innovation with consumer expectations in rebranding efforts, particularly for legacy brands similar to Jaguar.