First, you will have to make changes to the fabcar.go file. Do the changes such as deleting the cars and modifying arguments. After doing this, you have 3 ways to update it.
1. Give a new name to the chaincode
peer chaincode install -n new_fabcar -v 1.0 -p github.com/fabcar
2. Give the same name that exists but with a increment version
peer chaincode install -n fabcar -v 2.0 -p github.com/fabcar
3. Cleanup old chaincode container and install updated version of alternated chaincode over again. Something like this
docker images | grep fabcar | awk '{print $2}' | docker rmi