Teenagers / Classic Cars ??
well there are many ways to go om this one. i am now 42 but had my first mopar a 68 charger 383 at age 15. i payed for the car with my own cash, and had to fix it up. body work, paint, mechanical stuff, interior. i kept it in nice shape and was respectful and mindful on what it could do. i also had lots of sweat equity in it.
that being said if your kid is willing to put in the sweat equity into building their first car, with some help from dear old dad. i think its a good idea. they will appreciate it more than if you just give it to them. i wouldent go crazy with an engine. make it look fast, and tune up a slant six. if they really like the car, then later on when they show they are a good driver you can maybe build up an engine with them, another father / kid project.
i would nix the idea of doing a lil red express for her as these are actually too valuable and rare. plus they have a nice quick and thirsty 360 in them. better vehicle as an investment. a slant six duster or dart swinger should be easy enough to find, hell they made lots of em. sheetmetal parts for them are common enough now.
my girlfriends mother asked me if i was going to let my girlfriends son use my 2007 mustang GT 4.6L 5 speed when he gets licenced. i said absolutely NOT. ditto for my 67 barracuda when it gets done.
first off all my vehicles are stick shift, second i asked her if she thought it was a good idea to give a 5 year old a loaded and cocked pistol to play with. she obviously said no. so i replied, do you think giving a 16 year old inexperienced driver a powerful V8 muscle car is a good idea? she had no reply to this.
another idea would be to troll the local city auctions. you can find used police or detective cars. usually crown victorias, or chevy Coprices. these cars were built for severe duty, and the cities usually take care of them well in the mechanical department as they have to always be able to run. they may not be perfect body or interior wise but they can be cheap wheels.
a buddy of mine scored a nice clean 2004 ford crown vic city detective car for $2000. sold it 2 days later for $3500 to some brotha wanting to make a donk or something stupid outta it.
just my .02
mat