Well I think it would be a mistake to see it purely on one level or another. Plus you really need to read it in conjunction with the song's spoken intro.

There's obviously a large slice of double entendre in there, but I think it's about owning a Cadillac, which was a big status symbol to southern black people. Plus, look at the women you can pull when you've got one.

On top of that I thnk he's poking fun at the whole status thing. Complicated stuff, black humour.

Incidentally, that should be white wall tyres, not white worn. And I think it should be "ooh Lightnin' you can't catch me", not kiss me.