This is certainly the case for many things, and not limited to fuel economy gadgets. Placebo effect is not quite the right terminology - because they're not doing an actual experiment with a placebo group - but it's probably triggering some similar psychological artefacts.
Specifically, a term I like to use for this is 'investment'. It's not referring to a dollar-value investment, so much as an emotional or social investment. It can apply to anything from quack remedies to political partisanship. To outsiders, it can look like the person has lost his mind, and the internal cognition is not clear: does the person really believe this?
In the case of the automobiles, would our OP have made the same observations if he was driving the car?
As an example, I had a coworker who was using a quack hair-restoral remedy. Every day, he'd come in and tell us that his hair was obviously growing thicker and lusher, and that his bald spot was shrinking. A year later, we're looking at office Christmas party photos, and it's blatantly obvious that he's worse a year later. He says that that's just our opinion, and he's certain that his hair has grown out more, and it's his hair, so he's right and we're wrong. Okaaaay...