I agree with your analysis, I am merely a firm believer that college students should not have new vehicles purchased for them by mom and dad.
I work in the city of the school I graduated from (Purdue University) and there are a group of students with very wealthy parents driving around in $80k+ cars. You know what they do with them? The all have a nice vinyl decal up the A pillar of the word "STATUS". Not only did the brats not pay for the car they drive, but the have the nerve to flaunt it around like that.