Parents should be clear about what is allowed and what isn't and teach their kids to respect that. No matter what the situation is, those boundaries should not be crossed. Otherwise, you lose authority.
Kids need leadership and authority. Someone who will teach them how to grow up to be a decent person. If they start seeing you as a friend, rather than a parent, you might lose your role as a leader and with it any authority, which will make raising your kid more difficult than it has to be.
If you feel your kid is asking for something that's unrealistic, too expensive, or simply out of your reach in any way, it's okay to say "no". You don't have to apologize about it but it would be okay to explain to your kid why is your answer "no".
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