I don't mind the idea, but i would only be OK with it if the laws are defined VERY clearly, first of all so that we (being drivers) know the consequences of certain actions, but also to avoid discrimination or unfair treatment from law enforcement officers. It would have to be clear as to what gets your car confiscated or you licence cancelled, and what more has to be done to get your car crushed...fuzzy lines in the middle make me nervous and I don't like the idea of getting a good cop one day who lets you off, and a bad cop the next who crushes your car.
The other concern one of my collegues brought up is that if this law is passed, it could create more police chases as "hoons" will now be wanting to keep their cars and not give them up.
Just my 2c....