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Hot as in, it's been on fire, or the radiator doesn't work and the engine may overheat. Alternately, it may be "hot" in the black market sense: that is, recently stolen.

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It's been in a major flood, not had some bottled water spilled in it

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The owner has been trying to modify his car with aftermarket parts, and either ran out of money to keep working on it, or installed things poorly or that would actually damage or lower the value of the car, meaning that you'll be stuck picking up the pieces where they left off to fix it, complete it, or revert it back to its "stock" parts as intended by the factory that produced it.

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This car is made of two halves of different model cars welded together in the middle.

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This episode itself is a parody of Christine , meaning the car is alive and violently jealous—a problem even the salesman cannot spin.