New car, new girl
New ice, new glass
New watch, good times babe
It's good times, yeah
The “super rich kids” are constantly used to getting the best of everything whenever they want, making such items lose their value. A new car or a new girl could be sources of pleasure for a poorer person, but to the super rich kids, who want for nothing, such things are commonplace.
Additionally, “new ice, new glass,” a street term for crystal meth, likely refers to the drugs that Frank and his friends do to save themselves from their own boredom.
A sample in the background around this line also features JJ from the show “Good Times” saying “Dy-no-MITE”, going back to the theme of sitting in front of the TV. It is particularly ironic, as that TV show was about a poor family in the projects.
The phrase could also be a double entendre, referring back to the watch Frank mentions earlier in the song.
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