Yes, it's wrong. First, don't raise a douchebag. Second, make the kid learn to drive with a beater, like a normal person, and then make them work to buy their first decent car. It builds character. Third, so many adults make astoundingly stupid car-related financial decisions, it's best not to set your kid up for failure.
Don't make gifts and birthdays a big deal, and the kid won't get traumatized about it. If you talk like it's a bad thing to have a birthday near xmas your kid will take on that attitude.