I read it. Which basically proves my point that your parents shouldn't have bought you that car. Worst case scenario is that you could've been killed. If your parents bought you a Hyundai Accent, would you have had the same urge to show off like that to your friends? Probably not...
When the kid is 16, the parents are legal guardians and are still accountable for the kids' actions. After that kid turns 18, it's a whole different discussion.