my sisters and I did these in AWANA and I also did em in the cub scouts...
for speed we never did more then make sure they made weight (which involved dad melting fishing luers and dumping them into drilled holes lol)... graphite on the axle, sand the wheels smooth and made sure they tracked straight...
the 1st year my dad was on TDY and out of the country and mom didn't trust us with tools (I was the oldest at 7) so a friend of ours cut the block to look like a car... we got to paint them... was fun but nothing amazing...
the next year I built a "limo" which looks more like a station wagon... I came up with the idea... dad drew the "cut lines" and I spent a bit of time with a coping saw and a file and that was the extent of my body work... it won 2nd or 3rd fastest... I used it the next year and placed again... I still have it...
that year one sister had a school bus (right angle cut at the front for the engine)... the other had a fire truck (light angle cut at the front for the windsheild a "step" glued onto the back and some dowl ends for the sirens up top... both where slow but placed for the design contest or something along those lines and the following years there where TONS of school buses and fire trucks to show up lol...
the last one i did was with some church group... we built them during wed night service... basic hand tools only... I cut a very tight wedge and then another wedge from the back tip to just behind the axle... then I cut a U shape though the center length wise so the rear had fins... I spent TONS of time with a file getting it perfect... the front end was super sharp, the main body was super thin (router was used on the bottom to fill with lead... was so thin the paint bubbled from the heat lol... the other kids dubbed it "the Batmobile"
ended up winning 1st place with that one and coming in top 3 for looks... I also still have this one... it's the one i'm most proud of... the only thing I didn't do on it was the lead filling
so all that being said... make it it something memorable... ask him what he wants to build... only do what you have to for him... reach him it's easier to remove material then it is add it back... basic wood working stuff :) make it fun :)...