I've found this to be the quickest way in order to get this effect.
ALL PHOTOS WILL ENLARGE IF CLICKED
Pic 1::
Make a copy of the original image by right clicking it within the layers panel (upper right of screen)
Pic 2::
Then go to > EDIT > IMAGE ADJUSTMENTS > HUE/SATURATION
Make the saturation = 0 (this will give it the B&W look)
Now with the top layer (B&W one) selected within the layers panel start deleting the parts that you
WANT in colour
Pic 3::
I carried on and did the yellow part also to give the car something to bounce off.
If you make a mistake and can't CTL Z then just delete the layer and make a new copy.
Shows how quick this is. as this tutorial was just done while creating other things
Job done