Working on a real car is more fun. but it's expensive, very time consuming, and space consuming. Building a model car costs $20-$30 for regular models, and instead of displaying those pre-built die-casts you get to take pride in your work.
As far as paints, regular old testors and a brush is fine for anything that doesn't need to be perfect. For things like the body Testors makes some spraypaint that works quite well, and you don't need an airbrush. Decent airbrushes are a waste for most people, and are a decent amount of work if you're like me and only do 1/2 hr at a time since they have to be cleaned out thoroughly every time. For a really nice shine you can pick up a spray can of Testors Lacquer. Some people go nuts over painting and wash, sand, and prime surfaces first, seems crazy to me.
For glues I use Testors just because it's easy to find. Unfortunately it also acts as paint thinner which can be a mess. For things like windows and other places where you really don't want to see glue I use Micro Kristal Klear.
Submitted for the approval of the Midnight Society