What is the literal meaning of "Till daddy takes the t-bird away"

Solution 1:

It seems to come from a 1964 Beach Boys song Fun, fun, fun.

According to this link:

This up-tempo classic suggests that life is somehow less enjoyable if one lacks access to a Thunderbird. It’s said to be based on the true story of a girl who drove her father’s car to a hamburger stand instead of the library and subsequently had her driving privileges revoked. Ford’s popular T-Bird was already in its fourth generation by then and packed a choice of V8 engines.