If this is for Photoshop, I can tell it to you now?
1) Make two layers, the exact same image.
2) On the bottom layer, 'create new fill or adjustment layer', it looks like a circle that is half black and white (at the bottom of the layers palette), click on that and select 'Hue and Saturation'.
3) When the Hue and Saturation window pops up, select the box 'colorize' in the bottom right hand corner. This will allow you to make the image only one series of colors. Select the middle bar called 'Saturation' and drag it all the way to the left. You now have a black and white image (hide the top layer if you can't see it)
4) Now, select the top layer, and 'add a mask' to the layer. In the layer palette it looks like a square with a dotted circle in it at the bottom buttons.
5) Now, use a paint brush or the selection tool and fill in black what you want to hide. In your case, paint (make sure in the mask part of the layer) everything but the car away in black. This will leave your top car layer in color exactly on top of a black and white layer.
This is how we do it, does that make sense?