pinion too small and spur too big.
try this out.
http://scriptasylum.com/rc_speed/
generally people shoot for 40 - 45 mph for general bashing.
Also here are a few general guidelines i follow:
Everything is wack. Recheck your set up!
Motor - hot
ESC - hot
BATTERY - hot
GEARED TOO HIGH
Motor - normal
ESC - hot
BATTERY - normal
GEARED TOO Low - motor is spinning too fast
Motor - hot
ESC - normal
BATTERY - normal
Insufficient batteries.
Motor - normal
ESC - normal
BATTERY - hot