Richie and Potsie are waiting for service in Howard's DeSoto at the drive-in (now called Arnold's). Fonzie takes a look at it and laughs. They get out to go inside to eat instead and pass by Trudy and Betty on their way in. Potsie asks if they'd like a burger and a malt when Ralph drives up in his red convertible. Ralph offers to drive Trudy and Betty home. Inside, Richie and Potsie think about combining their money to buy a car. Richie has $100 and Potsie has $75. Richie says his father won't let him use his life savings for a car.
At the house, Howard is watching wrestling while Joanie is reading, and Howard accidentally elbows her off the ottoman they are both sitting on. Marion comes down to ask what happened. She and Joanie go into the kitchen. Richie comes in and asks Howard if he can buy a car. Howard wants him to wait until after college, but tells Richie that he's old enough to make his own decisions. Richie leaves to tell Potsie that they can get the car.
Richie and Potsie buy a white car with an eagle as a hood ornament. Howard looks it over in the driveway and isn't to thrilled. The horn starts blaring, so he opens the hood and disconnects a wire. He goes into the car to start the engine, but the seat falls back. Marion and Joanie come out. Joanie says that Richie got a phone call from a girl. Marion says that Betty and Trudy heard he and Potsie got a car, and they want to meet up at Arnold's. Richie starts the car, but it stalls.
At Arnold's, everyone looks at the car. Fonzie gives a thumbs up. Richie asks Betty and Trudy if they'd be interested in going to the sock hop with he and Potsie. They accept. Betty asks if they could drive her and Trudy home, but Richie says they made other plans. Richie and Potsie wait for closing time so they won't be seen pushing the car back home (the engine still won't start).
At the house, Richie and Potsie try to get the engine to start. Fonzie comes over, fixes the problem, and takes the eagle ornament as payment.
Richie and Potsie arrive late at the sock hop with Betty and Trudy. They all dance for a very brief period before the hop is over. They drive to the lake for the "submarine races." Potsie and Trudy kiss. Richie goes to kiss Betty, but the steering wheel is in his way. He tries to adjust, and both front seats fall backward. The horn gets stuck again. Potsie tries to pull the wire. He can't find the right one and ends up pulling out an entire harness.
Howard and Marion are in bed when the phone rings. Howard talks to Betty Wilkins's father who is concerned because Richie hasn't brought Betty home yet. Howard tells Mr. Wilkins not to worry saying that Richie is very dependable. Marion tells Howard that he should go out and look for them. He goes to Arnold's and talks with Fonzie. Fonzie tells him where Richie and Potsie are. Howard leaves.
At the lake, Richie and Potsie work under the hood of the car. The car won't start, and the girls are upset. Trudy steers the car while Richie and Potsie try to push it. Howard arrives causing Richie and Potsie to become distracted. The car goes forward down a hill and into the lake.
Everyone arrives back at the house in Howard's DeSoto. Marion comes out with Mr. Wilkins to find the girls all wet. Mr. Wilkins leaves with Betty and Trudy. Potsie leaves, and Marion goes inside to make hot chocolate.
At dinner, Richie says that Fonzie bought the car for $25. He dried it out and sold it to Otto's Auto's Orphanage for $50.
Songs in this episode:
"Sh-boom" by The Crew Cuts (1955)
"The Great Pretender" by The Platters (1954)
"Perfidia" by The Ventures
"All Shook Up" by Elvis Presley (1957)
"Hound Dog" (instrumental) by Elvis Presley (1956)
"Secret Love" by Doris Day (1954)
"Bye Bye Love" by The Everly Brothers (1957)
"Mona Lisa" by Nat King Cole (1955)