His license is as good as gone anyway. The state DOT is going to yank his license when he's convicted. Reckless driving is considered at least a misdemeanor, and I've never heard of a state that wouldn't revoke, or at very least suspend a license for 30 days to 6mo. I have no doubt the prosecutor is going to try and throw the book at him and make an example out of him with all this anti-street racing sentiment currently going around. What you need to do now is some research on the subject. I'd take his keys simply because you said you would. You have to stick by what you say. Realize you gave your son a car that was built to go fast, and perform. Telling him not to use the car as it was designed is probably a little short sighted.
I agree that a modified 88 GT is probably not a wise choice for the first time driver. It just has too much under the hood. What you do with the car is your choice. I don't know what a semi-residential street is, but there aren't too many of those suitable for much street racing, period. By the way, if a goose is in the road and you have nowhere to go, you turn it into road jerky. It's something he should have been taught in drivers ed. Make sure he is better versed on what to do in emergency situations.
Best of luck to you,
Kell
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