The following is the solution I came up with:
<div id="selection1">
<div id="dropdown1">
<form id="choice1" action="<?php bloginfo('url'); ?>" method="get">
<?php
$select = wp_dropdown_pages(
array(
'post_type' => 'page',
'show_option_none' => 'Select Car',
'echo' => 0
)
);
echo $select;
?>
</form>
</div>
<div id="firstchoice"></div>
</div>
<script>
$('#choice1').change(function(){ //if the select value gets changed
var png = '.png';
var urlstart = <?php echo json_encode($url); ?>;
var imageSource = $(this).find('option:selected').text().replace(/\s/g, '').substring(6); //get the data from data-picture attribute
if(imageSource){ //if it has data
$('#firstchoice').html('<img src="'+urlstart+imageSource+png+'">'); // insert image in div firstchoice
} else {
$('#firstchoice').html(''); //remove content from div firstchoice, thus removing the image
}
})
</script>