The smell associated with a recently manufactured motor vehicle. The smell is usually produced by a number of plastics, glues and other treatments applied to the car during the manufacturing process of the vehicle. After a few months, the presence of the smell inside most vehicles decreases markedly thus making it a "new car smell".
Due to the presence of this smell uniquely in newly manufactured cars, there is a certain air of prestigous associated with owning a car that has a "new car smell".
Oh, I love this car, it's got a lovely new car smell. Did you purchase it recently?