You can be strict without selling the car...
Actually, having the car chill in the garage with NO driving priveleges would probably be a more effective lesson than just making it disappear (out of mind, out of sight, etc).
Commenting on earlier posts, I started my driving career with a 4 banger, then moved to a 6, and then to my GT and notch
Yeah, I probably could have handled a V8, but it was nice to be able to get some driving experience without worrying about losing control of a RWD car with a good amount of HP.
It pretty much sounds like you know what you are going to do, and I'd never try to suggest any advice to a person already brave enough to have a teenager in the house
But I will wish you the best of luck, and let us know how it goes in July!
Belle