I'm also young with no kids, but I understand what you're saying because he sounds just like my older brother! My parents always have and still do give him anything, help him out with payments when he can't make them, give him money on the weekends when he's broke, etc. etc. etc. He lived with me as soon as I moved out to go to college, and always ate MY groceries because he couldn't afford them. I moved to another city and he moved in with my grandma who cooked him all his meals and even packed his lunches! I moved back here and he moved back in with me. He owes me almost $400 and who knows how much he owes my parents... they keep giving in to him so he doesn't even care. If he gets in trouble, someone will bail him out!
I think giving him tough love will help him more in the long run. Does he live with you? If he can't afford the car, let him know he can't afford it and that's that. You're not going to be around for him to lean on forever. How do your other kids feel about it? There have been too many disagreements in my family over the problems he's caused for me. I paid my own way through college and my parents paid for his. He owns a $30,000 suv (which is why he couldn't pay for college!) and I own a $6,000 car. My parents think they should help him out because he needs it more.... but he doesn't NEED that suv. He doesn't NEED his sportbike. He doesn't NEED to spend $300 a night acting like a high-roller for his friends. I feel that he will try mooching off me for the rest of my life, and it's not fair to me or to my parents.
So there's my two cents