Although some scaling law-based studies have been conducted for describing the asymptotic capacity of Vehicular Ad Hoc Networks (VANETs), the obtained results are not easy to directly use for estimating the actual capacity of a communication link or the entire network. To overcome this drawback, an interference-based capacity analysis is carried out in this letter for the abstracted 1-dimensional VANETs scenario. For a reasonable and tractable modeling, the classic Car-Following model is applied to represent the dynamic change of the inter-vehicle distance, which strongly affects the power decay of both the signal and interference in the network. Based on that, a series of probability characteristics is derived for the worst-case interfering scenario, which finally leads to the stochastic characteristics for both the link and network capacity.