Phillip tells Henry that the Camaro has 386hp. The highest horsepower output for the 1982 Camaro was 165.
When Henry is looking through his telescope at the neighbors, he sees them right-side-up. However, because of the optics used in telescope, they would have actually been upside-down.
Philip and Henry are discussing a new car ad in a newspaper. Philip describes it having a "direct overhead cam", this phrase is not correct.The the ad probably has the letters "DOHC" which means "Dual Over head Cam".