Well put. My son chose the '66. He wanted something "not many other kids have". Safety-wise, yeah - I'd honestly rather have him in a Corolla. But because of his vehicle choice, we're making safety modifications and I'm really driving home the necessity of paying attention while driving.
One of the reasons I shot down putting a manual transmission in the car - at least for now. He's not ready for that. I am going to help pay for a good rack and pinion conversion - it's comparable in cost to replacing all the old steering components and will be safer. This project is going to take several years to become driveable. By then he should have enough experience in my Montana to be able to properly handle the Mustang.
He will be attending the BMW Street Survival course - BMWCCA and Tire Rack sponsor this - it's a $75 2 day course where teenagers receive personalized instruction in their own cars. It's not autocross - they are taught to recognize the limits of their vehicle and what to do in emergency situations. One of my older kids took it and I was impressed.
http://www.streetsurvival.org/
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