As the title says, let the player change the diffuse colour of individual body panels, in the vehicle parts selector CTRL-W menu.
Another good idea and I have a concept about it: When pressing CRTL-W, there opens not only the parts menu but also a colour menu with a colorfull gradient wheel like this: (imported from here) And under this one, you can save your favourite colours to 10 slots. After changing the colour game should load car again with different one.