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i just use the polygonal lasso tool to select, i find it much easier, then copy it to a new layer, desaturate it, and use the brightness/contrast for black. to change it to other colors i use the hue/saturation. that way you keep the same texture and highlights/shadows.
Ehhh I saw an 04 yellow GT parked today, it had black stripes, all of those black accents on the back etc, and black side scoops. Looked pretty damn nice. Just my .02