I Inherited A Car from a Deceased Relative. Do I Need to Pay Taxes on it?

Only if you sell the property for more than fair market value.  Then you pay capital gains on a Schedule D for the amount you gained.

REFERENCE:
http://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-Questions-&-Answers/Interest,-Dividends,-Other-Types-of-Income/Gifts-&-Inheritances/Gifts-&-Inheritances