WOW! I'm not sure about your son, but my son wasn't the most responsible at 16 and crashed his Prelude twice within the first couple of months of getting his license, and this had nowhere near the power that you are talking about! You son may be out of the norm, BUT remembering how I was at 16, there is NO way in the world that I should have been behind the wheel of a M-3. Even at my age I've postponed going up to the M as it is VERY tempting to drive beyond my means.... Even at 190hp, I have WAY more power than a new driver should have.
My advice, look for something in the Volvo/Honda range, with a good balance of safety and performance! You can always add mods to make it handle better. Better also to invest in a good driver control school.
Best of luck and good work on your son's grades..