What you have so far could be made much less complicated:
favcolor, favcar = False, False
while not favcolor:
favcolor = input("Please enter favorite color: ")
while not favcar:
favcar = input("Please enter favorite car: ")
print(f"Your favorite color is {favcolor} and your favorite car is {favcar}")
Did we not cover dictionaries already?
edit to add:
Yes; it’s right here:
So, how do you think that you could apply what you learned there, to what you need to do here?