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I don't think things have really changed. Back when I was in high school we had kids with the nice cars, and my wife (who predates me by a half-decade) said the same thing happened when she was in high school. To be honest, I'd guess that any noticable changes in expensive cars are probably more related to the strength of the local economy than anything else.
The high school I work at has everything from lifted trucks to classic cars to new BMWs to old Toyota beater... almost all of which are worth more than both of my cars. (Not that it says much since my cars aren't worth anything.) I haven't noticed any real trends that make me think that the kids are all spoiled, but there are some individual cases... especially if you know the kids!
BB.
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