im looking to buy a new electric guitar  

Why not look at the Stagg as a good starting point

I've got a Squier Cyclone. It's a great guitar, it's kind of a cross between a Fender Mustang and a Stratocaster. I think it cost about 300 Euro in Irish money, I might be wrong but I think that's about $400.
There's lots of great budget guitars available, but if you have your heart set on a Jaguar then you should try a Squier Cyclone, it's a similar style. Here's a picture of one - http://tinyurl.com/yqquur
There's also a guitar company called Vintage that make budget Fender-style guitars - http://www.jhs.co.uk/xvintageadvance.html