There are two things you can make of it; he thinks:
1) You have a nice car
2) You're a faggot
I'm sure you can decide if one/both/none of these is a compliment or insult based on your own criteria. And since what he said shouldn't affect you in any way, it doesn't matter what you or anyone else makes of it. Right?
But there is
one thing we can all make of it: He proved that he's an @sshole, although maybe to him "faggot" is a term of endearment.