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Find a garage and park it there for a really long time- years and years. Drain the tank and disconnect the battery. Buy a decent fabric cover.
When your son is finished with college, making a living and married with kids, he'll get the itch someday to complete the car he once drove (and recklessly damaged) in his youth. And. he'll learn a valuable life lesson.
In the meantime, let him take public transportation. If not, buy him a clunker with that 8K.
I might sound harsh, but at my advanced age and 35-year career working with youth, I can assure you that he'll thank you someday.
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