yeah you got it...
$car = new CarType();
$car->type = 'Compact';
$car->gasLevel = 49;
and when you are actually writing the class, inside a member function, you use $this to represent the object.
class CarType {
var $gasLevel = 100;
var $type;
function resetValues()
{
$this->gasLevel = 100;
$this->Type = NULL;
}
}