>>10976362I think, officially, the Mach 5 is entirely white. It's just that in Yoshida's original art, he'd heavily shade and highlight the lower half of the car with blue-ish gray to help define the shape of the body panels and suggest a lustrous, reflective finish. It became such an iconic and dynamic part of the car's look that it was purposefully replicated on some toys and models with blue-ish gray paint.
This Japan-only Hot Wheels casting actually came in two decos: a "manga" version with the blue lower half, and an "anime" version that was all white. Although, in reality, neither color scheme was exclusive to one or the other. I find most stuff with the blue shading is either Japanese or intended for older collectors.
I'm rather partial to the blue, myself.