well, my little droogies, i love old car movies and since the information age has become something of a cinema time machine, i stumbled upon this old gem doing some research looking for the story "A Nice Morning Drive" by Richard Foster, the story from which Rush's "Red Barchetta" was based upon.
The movie is called "The Last Chase" and Porsche weenies will especially like this because the hero car is a modified 1973 Porsche 917/30 CanAm Spyder. It stars Lee Majors (I know, right) and Burgess Meredith (his scene when he first takes the F-86 up is almost delightfully pornographic!).
Anyways here is the obligatory wiki and imdb linky to it. Oh and my Ontario/Toronto friends will be pleased to know that a great deal of the movie was filmed in your backyards.
I've never seen this show, but the Mustang isn't green, the Charger has too many doors, and Steve McQueen isn't anywhere to be seen, nobody loses any hubcaps, but they get a couple of points for recreation. Too bad it's 10 minutes too short.
HOWEVER... the green Beetle makes two appearances!
Something I learned from listening to the commentary from John Hughes on "Ferris Bueler's Day Off" was that for the movie, they actually used reproduction Ferrari GT California cars just for the movie and everyone hated working on them including Matthew Brodrick who ended up on every time he had start the car for a scene, it would not start.
Also, the scene where the parking attendants take it on a joyride and jump it, the suspension and body held up, but the exhaust got crushed and it actually almost broke off the header.