Yes, the vehicle upgrade supposedly increase food water wood and parts found during exploration. At lvl 0 before upgrading, it is +20. The upgrade cost is 300 Caps and add +20 to resources found per lvl. Currently you can make that upgrade 2 times, upto +60 to resources found. The picture of the vehicle also changes when you upgrade it, like from the SUV to a normal Humvee and then an armored tactical vehicle. I think initially it is more cost-effective to upgrade each resource bonus category seperately until the 300 Caps vehicle upgrade is justified. (: