For first car I'd go cheapest, most stock..etc.
If you in US, you can buy a twin for about 12k nowadays. Not always clean title though. If money not an issue, you can find pre-owned from dealer in 18-20k
p.s. I read about the Nissan Versa.
I've tested it, it's good. For a college kid I'd get a 4 door, G35/37, IS Lexus, XA, XB, XD, Corolla 2001+ [because of facelift], Celica 2001+ [because room in back to sleep], etc...
All can be found for like $5000 with 2/3 of life to go and fairly reliable, mpg from high 20's to 40's.
I know 'college' and wanting a racecar, but 4-door econo boxes prove much better. That or a motorcycle, just watch out in rain.
Try a Miata as his first car. After 3 years he can buy himself a twin. By then, they'll probably be low 10,000's.
Always nice.