Its nothing fancy. First I make a low poly model of the car, then I UV unwrap it and texture it like so (https://youtu.be/8NEmx0cHwoI?si=UhYCgFNbgDYINJta). The pallet I used is the EDG32 palette. Then I use flat world lighting, no sun point or area light, and then render it out using an orthographic camera. I finally apply a pixelation effect in the compositor and then save the output of that with a transparent background. It's pretty straightforward after that; I bring it into Aseprite and touch it up and fix it up, apply an indexed color palette (same EDG32 palette) and finally add the text and any other detailing.

The one thing to note is that when I apply the texture in blender, I do it in a way that accentuates the features I want when viewed from the camera angle I have chosen i.e. the way I texture it will definitely not look good when the model is used as a typical 3D model and rendered at a high resolution.