Basically, that's what I told my boy.... Gave him a 97 Ranger for graduating.... I keep it safe and dependable in exchange for "favours" which can keep him hopping... At 19, he owns his own home (well, him and the morgage company).
Once he gets established, he'll have a lot of opportunities to have some really nice toys....
Word to the wise.... it is seldom a good diea to hotrod your daily driver... The quest for "more" will eventually render the car undriveable - a chore to drive - or possibly just plain unreliable.
I was young once (honest).. and there's all manner of things I wish I'd done different.