I feel for you man, I was in a not entirely dissimilar position as a teenager not all that long ago (at least relative to some of you old farts around here.)
My parents were wonderful, loving people who managed to provide me with a lot of things I was very lucky to have, including my first car. I feel it necessary to preface this statement with that, lest I sound like a spoiled, unappreciative bitch.
However, "car people" they were not, by any means. My dad is someone who I would say appreciates cars, and actually has pretty good taste in them generally speaking, but totally lacks the "car guy mentality"-he couldn't fathom why I would want to spend a half hour getting filthy changing my own oil when I could just as easily spend $30 to get it done at the dealer and mostly despises anything that appears non-stock. He just doesn't get certain core elements of the hobby that are essential in its appeal to me, such as the pride of doing your own work and making a car "yours". Oil stains in the driveway were a frequent topic of contention between us when I was living at home. My mom kinda gets it a little better, having grown up around my uncle who is totally one of us, but held less sway in these matters than my pop.
I had ideas of what I wanted for a first car, based on what I thought was cool but still cheap, practical, and safe enough to pitch to my parents - E30s, MkII golfs, and Volvo 240s are what I can recall now. However, it was soon made known that I would have no real input in the decision, so I reverted to "please please please just get something with a manual." I lucked out and ended up with a Volvo 850 N/A 5 speed, which I was actually thrilled to death with because it was European and manual and just weird enough.
It was made clear, however that, this was "not my car, we're just allowing you to use it," therefore no modifications ("don't want you wasting your money on that, more important things, education, ect"), no auto x or racing, and I had to beg to even be allowed to do basic maintenance type stuff. When I got my 2nd car, a '90 Integra which they also helped finance, I got to do a lot more work on it, mostly by virtue of the fact that it was a total POS and was constantly broken, although still no mods or auto x or anything.
It was frustrating because I felt like I wasn't asking for much, just to be able to put a little of my own money into the car making it "better" and more to my taste. It felt like all the other car guys in high school were swapping engines in their Civics, or putting lifts on their trucks or whatever and here I was in my lame, 100% stock car. I felt like a core part of my identity was being suppressed.
But in hindsight, I'm glad to have even had a car and glad that I didn't spend all of my meager grocery store job earnings on cars that really weren't worth it. The money helped sustain me through college instead, and ultimately contributed to me being in the position I am today where I can afford two cars and a motorcycle that I can do whatever the berkeley I please with, debt free and without taxing my budget.
TL/DR:
-Be happy with whatever you get, you WILL find ways to have E36 M3loads of fun in it, I promise.
-Even if your parents don't totally "get it" in regards to cars, they're doing what they can to enable you in what they feel is a responsible manner.
-Keep your eyes ahead on the big picture, don't worry so much about having the coolest car right now, but rather what you can do to enable "future you" to have the cars he wants.
God, I really tend to ramble, don't I?