Anyone knows how to achieve this in PSD?
Actually "color the smoke" is a good advice. It needs a little tinkering to make it succesfully. Usually the smoke in images is white and has fully white (=overexposed) areas. An example:
Succesful coloring needs it to be darker and not overexposed. Here it's adjusted with the curves tool and the missing detail in mid-right is copied from the other parts of the cloud.
Probably you want two versions of the smoke: 1) a fully saturated and 2) a lighter, partially white version. Both of them can be produced by having 2 copies of the greyed smoke in different layers and applying Image > Adjustments > Hue & Saturation > Colorize with different parameter values:
Now it needs a fine car and carefully drawn layer masks:
On the top there is a couple of adjustment layers. One full area levels controlling layer for general brghtness and one masked layer to make darker the bottom part of the car.
Using layer masks is essential to be able to play with the adjustments. For example the size of the partially white smoke needed some tests before dreamy enough glow was found.