Duplicate the layer then move it like shown below.
Create a new layer as the top layer the using the Brush tool, paint the area shown below with a dark blue color. A rough paint is fine.
Change the blending mode of the current layer to Overlay.
Create a new layer as the top layer then use the Line tool to draw some lines like shown below. If they appear as separate layers, merge them back into one layer.
Use the Smudge tool to smudge the lines like shown below to create the smoke.
Reduce the opacity to about 70%.
Choose Filter > Blur > Motion Blur then apply the settings shown below. The angle should match the horizontal angle of your car.
Create a new layer as the top layer then use the Pen to create an outline like shown below. After creating the path, select red as your foreground color then, in the Paths palette (Window > Paths), right click on the path then choose Stroke Path.
Use the Polygonal Lasso tool to create a selection like shown below.
Fill the selected area with a near black blue.
Choose Filter > Noise > Add Noise. Apply the settings shown below.
Here’s what it looks like so far.
Now we’ll create the path for the upper area. Create a path like shown below then right click on the path then choose Make Selection. Use the settings shown below.
Use the Dodge tool to create some highlights in the areas shown below.
Create a selection like shown below.
Use the Burn tool to add some shadow to the bottom edge.
Create a new layer then create a path and stroke it with a light blue color like shown in the image below.
Reduce the opacity of this layer to around 80% then use the Eraser tool to erase the edge slightly.
Create a selection like shown below then choose Select > Modify > Feather and feather the selection by about 5 pixels.
Select the Dodge tool and add some highlights to the area shown below.
Use the Pen tool to create a path like shown below. Right click on the path then choose Make Selection. Use the settings shown below.
Use the Burn tool to add some shadows to the selected area.
Select the layer with the car body then create a selection of the taillight.
Choose Image > Adjustments > Channel Mixer then adjust the settings like shown below.
Find images of cars with wheels that you’d like to use. The best images to use are the ones where the car is taken in the same perspective. Create a selection of the wheel like shown below then copy it to your clipboard (Edit > Copy).
Switch back to the main document the paste it as a new layer. It should be positioned as the top layer. Use the Free Transform tool (Edit > Free Transform) to position, rotate, and scale into place.
Use the Eraser tool to erase the excess areas if there are any.
Use the Burn tool then burn the upper edge of the wheels to create a shadow.