Call me a wet blanket, but I seriously would not recommend an early Mustang for a first car.  They do not handle or stop like a modern car, have lap seat belts, and (if 65 to 67) have a spear for a steering shaft.  There are 2 early stangs in our corral, and there are way more dollars thrown at those 2 cars than all the other cars in the household, so they are NOT budget friendly in high school terms.  They are hobbies.  There are plenty of upgrades available to make them better cars, but they cost money.

If it were my son or nephew, I would steer them toward an 89 to 93 Mustang.  Plentiful, affordable, fun, and reliable, and you can still take them to a mechanic for repairs.  In all probability, an Eagle Scout will head to college in a couple of years, and I believe a good fox Mustang will serve as a much better daily driver through college years.  Once he's done with school, has landed the big job, moved back home (LOL) and has lots of spendolas burning a hole in his pocket, go for the early Mustang.

Mixed feelings on that. Great easy cars to learn on.  But, if they do not bave a huge burning desire to constantly be working on and retrieving the car from cold, wet parking lots, look to something newer like a 2005+.  It will be safer and less problematic.

So many of these father/son projects get started and the kid winds up driving a stupid Honda after they lose interest.

I understand wanting a modern, safe car for your new driver. But, my first car was a 66 stang. That was in 1985.  My grandmother raised me, so I did not have the luxury of a father to show me the ropes when it came to automobiles (or anything else).  With that car, I taught myself how to do brake jobs, disc brake swaps,  bypass a solenoid, r and r a motor, rebuild a motor, vehicle wiring, replace clutch, rebuild alternators, swap starters, rebuild a three speed non-sinc tranny ( took a few times to get it right), rebuild a rear end, rebuild carb, diagnose fuel/electrical problems, etc.  Most of this was not because the car was a lemon, I was an idiot and swapped everything over to v8.  We moved around a lot so high school friends were limited to a few.  But with the knowledge I gained, I was the kid everyone called to help when their car stranded them.  It gave me a sense of purpose.   I learned patience and humility (spent many hours on the road side making "repairs").  Plus it was MY car. Late in my senior year I had to pay rent, so I sold the car.  I actually had tears running down my face when it left my driveway, never to be seen again. That old, outdated, unsafe car was one of the best experiences in my life.  Because of that car, I became an engineer and was able to retire at 47 last year.  So, get your nephew the classic, someone needs to keep the spirit alive!!!

BTW, my second daughter drives our 67, which we are selling, but it needs bodywork. So now she begs me to drive the 66, mom's 65 convertible or my 54 chevy five window!!!  And they don't have the fancy electronics to distract them (loud stereos, USB IPhone ports, GPS,etc).

Ahhh, to be a kid again....