As you've noted, it's a matter of tense. There are multiple usages, but perhaps the most common refers to the listener's (presumed) prior knowledge.
"I'll let you know which one I picked"
The above sentence would likely relate to a specific act of picking. The speaker has presumed that the listener likely knows that the speaker has picked something, and is telling them what it is. In the case of your example, the listener already knows that the speaker was going to pick a car.
"I'll let you know which one I've picked"
The above sentence would likely relate to a non-specific act of picking. The speaker has not presumed that the listener knows that the speaker has picked something, and is telling them that they have picked something, and will tell them what that something is. In the case of your example, the listener did not already know that the speaker was going to pick a car.