Parameter identification of microscopic driving models is a difficult task. This is caused by the fact that parameters--such as reaction time, sensitivity to stimuli, etc.--are generally not directly observable from common traffic data, but also due to the lack of reliable statistical estimation techniques. This contribution puts forward a new approach to identifying parameters of car-following models. One of the main contributions of this article is that the proposed approach allows for joint estimation of parameters using different data sources, including prior information on parameter values (or the valid range of values). This is achieved by generalizing the maximum-likelihood estimation approach proposed by the authors in previous work. The approach allows for statistical analysis of the parameter estimates, including the standard error of the parameter estimates and the correlation of the estimates. Using the likelihood-ratio test, models of different complexity (defined by the number of model parameters) can be cross-compared. A nice property of this test is that it takes into account the number of parameters of a model as well as the performance. To illustrate the workings, the approach is applied to two car-following models using vehicle trajectories of a Dutch freeway collected from a helicopter, in combination with data collected with a driving simulator.