Although there are several filters we could use at this point, the most versatile way too change the colour of the selected area is the Hue/Saturation/Lightness option. This is common to most editing programs. In Elements youâ€™ll find it in the Enhance menu.
To replace the colour but leave the shade intact, check the Colorize box. Youâ€™ll see that the Hue and Saturation sliders move to new positions automatically. Leave the Lightness slider in the middle position to preserve the reflections of the gloss paintwork, and experiment moving the Saturation and Hue sliders around. You can produce subtle colour changes with low saturation settings, or say to hell with subtlety and go for broke with full saturation. If my friendly local Porsche dealer ever saw this they'd never speak to me again.
When youâ€™re happy with the result, or when your eyes start bleeding, you can clear the selection by using the keyboard shortcut Ctrl-D, and then save the result. If you save the final image as a .PSD file in Photoshop Elements, any saved selections are saved as well, embedded in the file.
You know, I reckon that would have looked pretty good in red...