Just as an example of how difficult top-down vehicles can be to make, here is as response I got from Cyber_wolf after I posted up my vehicle settings on the beta forums and asked how others were doing it.
I use a direction combiner onto an up/down input of an advanced mover to allow one button for accelerating(R2) and one for reverse(L2) (currently use reverse for brake but I guess I could use the anti gravity object with dampening for braking). The mover has deceleration to slow the car when no buttons are being pressed.
I have an anti gravity thing with no dampening and 100% anti grav.
I use 3 advanced rotator for turning.
The first has its left/right input connected to my left analog. It has 0 deceleration. It's on/off input if connected to my accelerator so that this steering only works when driving forward.
The second is for reverse, also has 0 deceleration. I wanted it to feel like a normal car so I had to swap the turning directions when going in reverse. Its left/right input comes from my left analog but I use a direction splitter followed by a combiner with +I've and -I've swapped around. It's on/off if connected to the reverse button (L2) so that it is only enabled when reversing.
The third is used for turning deceleration only. I found that because I disable the rotators used for steering if you are not moving, then even if I used deceleration on those rotators the deceleration is disabled when you are not moving. So if you were turning when you release the accelerator it would not stop turning. I use this third rotator with high deceleration which is enabled all the time to solve this issue. It is not connected to anything.
The result is: R2 to drive forward (speed is affected by amount pressed) and L2 for brake and reverse. The steering is disabled while not moving and both turning deceleration and movement deceleration can be tweaked separately to create nice powersliding at high speeds (this is the advantage of not using the global anti gravity dampening). The reverse steering is as it would be in a normal car.