This reminded me (for some reason) of Blaster Master for the NES, there were upgrades for the character and the vehicle (and man the game-play was great for its time, but the guy who made the story smoked some really good weed).
I would have enjoyed it more if there were passwords and/or saves.
Wanted so badly to like that game cuz it had good concepts and fun equipment.
They were supposed to do a sequel on the SNES but it got cancelled.