^Mostly, yes. It's not really about the cars.
The show regularly has such challenges. Such as Buy a Porsche for less than £1,500, buy a car for less than £100 etc. The three presenters buy their cars and then put them through a series of challenges - including driving them to the track which at least one of the cars manages to fail.
Then there are the Epic Races which are just brilliant. Clarkson will drive some sort of ridiculously expensive, ultra fast supercar while Hammond and May will travel via public transport (planes, trains, boats, buses etc) in a race from one point to another (usually somewhere in London and to somewhere in mainland Europe or vice versa).
The show is, as you've noticed, based mainly around mucking about.