HELL NO, he doesn't drive the TransAm! What you are thinking?
You have the TransAm because you earned it, because you have reached a point in your life where you have the time and money to indulge yourself in fun stuff like this. Your teenager has this overblown sense of entitlement that, just because it's there, it's his, too. It's NOT.
Tell him that if he doesn't like the Celica, he can darn well walk -- you don't care -- but there is no way on God's green earth he is going to drive that TransAm. Tell them that people will REALLY laugh when he's hitchhiking by the side of the road!
My dad gave my 16 year old brother a TransAm (over the severe protestations of both mother and daughter) in the misguided sense that "guys need a hot car", and it was wrecked in 2 months. They can't help it -- it's just the testosterone, and the typical 16-year-old "I can do anything" mentality.
And, more practically: With that much power, any small errors are exaggerated out of control very quickly. A neighbor allowed his 16 year old to drive his Jag to the video store as a special treat one Sunday afternoon -- nice kid, no problems, fantastic grades, athlete -- the perfect kid. The kid got a little cocky and took the long way to the store. Unfortunately, the long way was a narrow road, and when he accidently drove off the shoulder, he panicked and overcorrected, hit the accelerator (in the Jag . . . ), and ended up dead wrapped around a tree on the other side of the road.
These kids have NO idea of what kind of power they are dealing with. Let him pout. I'd rather have a surly teenager than a dead one. (Besides, if you let him drive the TransAm, your insurance will skyrocket!)
