A variable can only have one value. However, that value could be a list, or a record.
If the thing you are trying to do is to have the variable “theCar” contain several attributes such as color, model, make, etc., you can make a record variable.
But I am not sure from your example if that is the case. The example seems to suggest that maybe you want to see if the color of the car is IN the list of colors.
If that is the case then
set theColorList to {"red", "green", "blue"}
if theCar is in theColorList then beep -- or whatever
But to make “theCar” a collection of attributes such as a particular color, style, make, model, etc., use a record variable:
set theCar to {color:"red", brand:"Ford", model:"Taurus"}
set color of theCar to "blue"
tell theCar to get its color
etc.
EDIT: and to loop through the cars and look for attributes,
set cars to {{title:"car1", color:"red", brand:"Ford", model:"Taurus"}, {title:"car2", color:"blue", brand:"Chevy", model:"z28"}}
set end of cars to {title:"car3", color:"green", brand:"Porsche", model:"911 Targa"}
repeat with car in cars
if color of car is "green" then display dialog (title of car) & " is green."
end repeat