A fancy-sounding yet affectionate name for a car that is even less functional than a hoopty. A car might be called this because "it rolls down one hill, and canardly get up the next".
Exact origin unknown, but it is a pun on Rolls Royce, a particular expensive make of motor vehicle, and "Canardly", I believe a make of small passenger aircraft.
Dude, your Yugo beats the hell outta my Rolls Canardly.
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