I've added electronics and lights to a number of my models, but most of them have been space and/or sci-fi models.
Since you're doing a car, check out RAM RC: www.ramrcandramtrack.com
They offer a pre-wired set of LED-powered head- and tail lights. All you have to do is install the set in the model and add a battery. I have one of their sets in my "to-do" pile, and it's very well made. It has a battery pack for 2 AA batteries, but I'm sure it could be adapted for smaller batteries without too much trouble.
Matt Usher