In this paper, a theoretical approach is suggested for predicting the structural performances and weight reduction rate of a car body with a box-type section when its material is substituted with a lightweight material for weight saving. For the material substitution design of a car body for rolling stock, bending, axial, and twisting deformations should be considered at constant stiffness and strength conditions. To compare the weight reduction effects on different material applications, some new indices were derived from a structural performance point of view. The derived indices provide good measures to estimate weight reduction by material substitution design and can be effectively applied to the conceptual design of a car body.