Wiktionary
late model
a. (context idiomatic English) Recently designed or fabricated; new.
Wikipedia
Late model
A "late model car" is a car which has been recently designed or manufactured, often the latest model. (An "early model car" or " classic car" is a car old enough to be of historical interest; there is no usual intermediate term.) The term is broadly used in car racing, and often appears in common use, as in: "The officer was driving an unmarked, late model sedan."
The precise definition of "late model" varies.
Usage examples of "late model".
Paul said, Listen, my dad says if I get into special computing school next year, hell get me a real Bard, a late model.
On the gravel drive there waited in darkness a late model pickup truck with an elongated cab containing a rear seat.