The quality of the photoshop definately relies on the quality of the picture,and the time taken. I have found that a poor quality/ poorly lit photo doesn't have the results of a crisp picture. anyway............
I have used my friends RX-7 as an example:
step one:
open up the picture you wish to use
File - Open - etc etc

step two:
make sure that you copy the background layer. this is done by simply dragging the background layer the the symbol shown below

step three:
make sure that your "background copy" is highlighted within your layer pallet
polygonal lassoo tool is highlighted and the feathering properties are that of 1 pixel. it is not vital but by changing it to 1 pixel it takes away the harshness.

step four:
this is the part that takes most of your time. the longer you spend on doing this park properly, the better the final image will be.
shortcut: (Ctrl & +) and the opposite (Ctrl & -) to zoom out
zooming in alot helps you here, you will have to trace around the object. remember that at this stage you are only after the shell of the car. we can cut windows etc later on.
should look something like this.........

step five:
now that you have traced around the car on background copy right click inside the traced area and chose "layer via cut" - by doing this it will creat a new layer just with what you have traced.

step six:
after cutting the layer, you will need to deselect the lasso. press Ctrl & D
hide your other layers so that you are only left with what you traced

step seven:
make sure that layer one is highlighted.
do exactly the same as step four, select the pologonal lasso tool and trace around objects such as indicators, lights , windows etc. basically anything that you don't wish to be coloured.
once you have selected a part (eg indicator) simply press the delete key, this will revmove your selected area. and move on to the next object.
you should end up with something looking similar to this

step eight:
soon comes the fun part........but for now we need to desaturate the layer.
make sure you are on the layer that has just the shell of the car and press
Ctrl & Shift & U
this will desaturate your layer and leave it looking like this........

it doesn't look any different really, but it makes alot of difference for the next step
step nine:
Image - Adjustments - Selective colour

you will get this box:

it is vital that you change the drop down box from default red, to neutrals...
this is where you change the amount of CYAN, MAGENTA, YELLOW & BLACK this will alter the colour of the desaturated shell....

note: the slightest change can make a huge difference, it can take time to get the colour you like.
it's not over yet...
step 10:
because it is so difficult to get your desired colour, there is another function within photoshop which we can use.
Image - Adjustments - Variations

you will get shown this:

by playing about a little more, you can change the colour of the car again, or add and get the colour exactly how you wish it to be
step eleven:
the finishing line........
simply show the background layer again and you will have fully changed the colour of the car........easy


step twelve: - file saving
once you have completed your photoshop, make sure to save it as a jpg
File - Save As ........

hope this little tutorial can help a few people.
I would just like to add, this is just a tutorial to show the way i do it, there are plently of other techniques that people use or find easier. All tasks above are what i find suits me best and gives a good result.
Cheers