xmas gifts for your kids

Yes, but a $32k go-kart for your kid will impress your neighbors more than a used Vette will. ;)
If you're dropping 32k on a go-kart your neighbors should be few, far between, and doing the same thing.

And so would every single kid. What a horrible idea, how is this thing not illegal?

I agree, I wouldn't let my child drive that in the back yard!