72 models tells the story of a father Vasutty and his son Sajan, who were Taxi drivers. When Vasutty drives a 72 model Ambassador, Sajan drives an Innova.
Sajan, Deepak, and Parvathy are best friends. Once Sajan happens to drive Vasutty's car and that changes Sajan and his friends' fortunes forever. At this stage Janaki enters their life.
As days pass by they realize that what they thought to be fortune turns out to be their misfortune. Rajasenan's '72 Model' plots their efforts to come across these troubles.