Hmm, renders 'correctly' is possibly not the right term, but with shaders disabled the lighting seems normal although there's no lighting applied to the car at all (i.e. if red, it is an unvarying red, cartoon-like).
Code:
INFO: Starting VDrift: release-stable, Version: 2011-10-22, O/S: Windows
INFO: Home directory: C:\Users\Charles
INFO: Settings file: C:\Users\Charles\My Documents\My Games\VDrift/VDrift.config
INFO: Data directory: data
INFO: Temporary directory: C:\Users\Charles\My Documents\My Games\VDrift/tmp
INFO: Log file: C:\Users\Charles\My Documents\My Games\VDrift/log.txt
INFO: Disabling antialiasing
INFO: Display change was successful: 800x600x16 24z fullscreen=0
INFO: GL Renderer: AMD M880G with ATI Mobility Radeon HD 4250
INFO: GL Vendor: ATI Technologies Inc.
INFO: GL Version: 3.3.10179 Compatibility Profile Context
INFO: Initialized GLEW 1.5.7
INFO: Loading data/shaders/gl3/vdrift1.rhr...
INFO: Loaded data/shaders/gl3/vdrift1.rhr
INFO: GL3 initialization successful
INFO: 0 joysticks found.
INFO: Loading car controls from: C:\Users\Charles\My Documents\My Games\VDrift/controls.config
INFO: Update status file C:\Users\Charles\My Documents\My Games\VDrift/updates.config will be created
INFO: Sound initialization information:
INFO: Obtained audio device:
Frequency: 44100
Format: 32784
Bits per sample: 16
Channels: 2
Silence: 0
Samples: 2048
Size: 8192
Sound initialization successful
INFO: Loaded fonts successfully
INFO: Loaded GUI successfully
ERROR: Error setting GUI option "game.opponent" to GAME value "XS" use first option "350Z/350Z.car"
ERROR: Error setting GUI option "game.opponent_paint" to GAME value "00" use first option "default"
ERROR: Error setting GUI option "game.player" to GAME value "XS" use first option "350Z/350Z.car"
ERROR: Error setting GUI option "game.player_paint" to GAME value "00" use first option "default"
ERROR: Error setting GUI option "game.opponent" to GAME value "XS" use first option "350Z/350Z.car"
ERROR: Error setting GUI option "game.opponent_paint" to GAME value "00" use first option "default"
ERROR: Error setting GUI option "game.player" to GAME value "XS" use first option "350Z/350Z.car"
ERROR: Error setting GUI option "game.player_paint" to GAME value "00" use first option "default"
INFO: Loading track from path: data/tracks/paulricard88
INFO: Loaded surfaces file, 6 surfaces.
INFO: Track timing sectors: 2
INFO: Car loading was successful: 350Z/350Z.car
INFO: Got quit message from GUI. Shutting down...
INFO: Shutting down...
INFO: Exiting
