Your whip so cold – this old thing?
Kanye is showing modesty when describing his car (yeah, I just said “Kanye” and “modesty” in the same sentence- that’s cray, right?)
Passerby: Ye, your whip is so cold.
Ye: Oh, this old thing?
Again, it’s tongue in cheek. He knows his whip is cold.
Alternatively, Kanye can be implying that he’s so wealthy, the cars that others consider extraordinary are sub-par from his perspective.
Interesting side-note: “Whip” originally meant the steering wheel of a car (performs the same function as a whip in a horse and buggy), and later was used by rappers to refer to Mercedes-Benz (as the logo looks like a steering wheel). Now obviously it is used to refer to cars in general.
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