When I was in high school, I thought that it would be cool to have a car and drive to school - but I couldn't afford it, so I took the bus. When I could buy a car, my parents wouldn't let me. If I did have the money and my parents let me, would my life have been different in high school? Probably not. I'm inherently uncool, though.
However, I knew people that exuded cool that sure as s**t couldn't afford cars like the other "cool" kids, and not having a bike or car didn't seem to impact them much. Material possessions can open the door to the club for you, but they won't keep you in there.