Jalopnik auto web site seems to really like the new Challenger when it comes to doing burnouts:
Challenger burning tires down.jpg500x_challenger_burnout.jpg
We at Jalopnik love burnouts. Big, vaporizing, cancer-causing burnouts. What's the best car for doing burnouts?
We've got a lot of experience here and there was some debate about the merits of certain cars and their propensity for creating bleach-tinged smokescreens. It mostly comes down to personal preference, but everyone here enjoyed laying out a Dodge Challenger SRT8. I've actually done a (mostly unintentional) burnout in an SRT8 in reverse! Other muscle cars have more power, more style, and more capabilities, but there's something crude about the Challenger lends itself to easy burnouts. Also, more of them seem to come equipped with automatics, making the maneuver that much easier.
2008 Challenger SRT8, Black #6050/6400
1970 Daytona Charger SE Clone (440/Auto)
1967 Charger (360 6-pak/Auto)