When you have an established physics engine, that's all there is to do.but its not rally simple as putting some numbers in...
Polyphony Digital does it; they don't program individual physics engines for each model. They program one physics engine, then attach a whole bunch of values and curves (representing specifications like curb weight and the torque curve of the engine) to each car. As you drive, the physics engine reads these values and curves to figure out what the car should do.
If the physics engine and specification values/curves are sophisticated and accurate enough, you shouldn't need to do anything "special" to make a car feel like its real-world counterpart. It'll feel like its real-world counterpart simply because all of the numbers are the same.