To partake in life we expect people to walk on our property - mailman, paperboy, UPS guy, electric company. Because we freely allow access to our property to these things we cannot claim "privacy!!!!" when it involves the police.
The key here is that the device is on the car, not in it. Search warrant would be needed to put the GPS in the car, or put a microphone in the car. Outside of your car, no REP.
Regarding modification, the court is going to balance police needs and the modification. Placing a magnet to the underside of your car is not considered a substantial modification to the court. Sure, if the cops replaced your rear axle with a GPS equipped rear axl you probably have a good argument. But something as simple as a magnetic GPS on your quarter panel isn't going to get any sympathy from the judge.