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My 2 cents: go for the project, which HE pays for, and you buy him a trip to Skip Barber or Jim Russell for his 16th birthday. Cars are only as safe as their drivers.
This palaver about airbags and relative safety...The 914 would've been creamed by the average car on the road in 1974, too, when the average car was still a Yank Tank with just as much mass and even worse brakes and handling than a current SUV.
After driving cars where I've been mostly looking up at other people's license plates for over 20 years now, I have yet to total a single car (touch wood).
If you really want to teach him about how his personal safety is his responsibility, buy him a motorcycle. They do wonders for reminding you that it's your job to protect yourself from the other drivers, not the job of the thing you're riding/driving.
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