It seems there is a bug in GT which means you can make free duplicate
copies of any parts you buy for a particular type of car. 

Try this: 
Buy two identical cars. Give them a different color scheme if you like.
Buy loads of parts for the first one - fully spec it up if you like. 
Check out its list of fitted parts from the garage (you should see a 
list of what you just bought.) Switch to the other car and get in it 
(the one which you haven't fitted any parts on yet) and check its fitted
parts list (should be empty). 

Still in the second car, go race (Spot Race will do). 

When you get options to qualify, go to Machine Setting, then Change 
Parts. You'll now find you can select all the parts from the other car,
tyres, turbos, suspension, intercooler etc, in effect fully spec'ing up
the second car. 
Exit the race, and go back to the garage. 
Check out the list of fitted parts for both cars. 
The parts are now installed for both of them! 

NOTE:
----- 
This won't work for the Weight Reduction or Racing Mod options and a 
few other things (like port polishing),  as these are not available 
from the Change Parts menu - they're not really "parts" as such anyway.
Also, it doesn't seem to work with cars that have been won. 

Of course the best thing you can do with this is sell the extra cars. 
As it cost you nothing to increase its specs, you'll make a profit 
when you sell it!