Sandown Road residents woke to a car alarm and looked outside to see flames coming from a parked vehicle.
Police said the suspicious Springvale fire engulfed the black Honda about 4am on Sunday 10 December.
Residents saw a dark figure leaving the scene, but could not tell whether the person was a man or woman.
The car’s owner had reported it stolen from another Springvale location a few days earlier.
Police appealed for witnesses or anyone with CCTV to call Crime Stoppers on 1800 333 000.