I would like to obtain the string text of the elements stored in a list, say List<Car>. Would the toArray() and the toString() methods be the best options? 
Providing you don't object to the string output following the convention:
[A, B, C]
... you can simply call the List'stoString() method to obtain your output (I'm not sure why people are advocating using a loop for this).  It may also be sensible to override Car's toString() method to return a human-friendly description of the object.
However, if you wish to obtain each element as an individual String you will need to iterate over the List one element at a time.
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