using System;
using System.Collections.Generic;
using System.Linq;
using System.Linq.Expressions;
using System.Text;

namespace ConsoleApplication1
{

    public class Class1  
    {
       static void Main(string[] args)
       {
           List<Car> mylist = new List<Car>();
           Car car1;
           Car car2;
           Car car3;

           car1 = new Car()
           {
               make = "Honda",
               id = 1
           };
           car2 = new Car()
           {
               make = "toyota",
               id = 2
           };

           car3 = new Car()
           {
              make = "Honda",
              id = 3,
              color = "red"
           };

           mylist.Add(car1);
           mylist.Add(car2);
           **////mylist.Where(p => p.id == 1).SingleOrDefault() = car3;**
        }        
    }

    public class Car
    {
        public int id { get; set; }
        public string make { get; set; }
        public string color { get; set; }

    }
}

¿Cómo puedo actualizar la lista reemplazando el honda car de Id 1 por honda car con Id 3 de la mejor manera?