Maybe it's easier to make a car that looks smooth, than to make one with a low Cd. 0.34 does seem high.

It is high.

If you look through the ABG Fusion 999 gallery,

Well they do claim a .08 reduction in drag coefficient just from lowering. Clearly there is allot of room for improvement underneath the car - even if all you do is reduce the frontal area of the tires.