If there are going to be parachutes (I'd rather not see them in my opinion, makes better game play) then I think the "escape pod" idea would be the way to go if you had the time to figure it out. Thing is, you would want to make it so that it wouldn't trigger if you just got out of the vehicle using the "e" key, since it would be kind of dumb to use an escape pod when you're motionless on the ground. Maybe there could be an alternate eject key which would trigger the escape pod, but make the vehicle useless/blow up afterwards. Also, a minimal height distance might be useful to implement.
That would probably be a lot of work for a minor (albeit pretty cool) thing though. It would probably be better off just sticking with the normal chutes.