He'd definitely be the cool kid at school with a SS.
What they already said, you know him better, and kids are different, I had a friend with a '69 SS Chevelle, he babied it, didn't haul a$$ at all. On the other hand, I drove every car I was given to it's limit, hence I flipped one and wrecked several others.
Now that I'm a little older, and not wiser, but mildly less stupid, I recall what another kid, I didn't know well, had to do. His dad bought him the car, the kid had to get a job and pay the insurance and any tickets. The deal was if the kid got tickets and his insurance went up to where he couldn't pay it, he lost the car. Today that sounds like an ok plan to me.