People, he's making a financial decision. Not a life or death decision. Rather it be risky, it's not as risky as you folks are making it out to be. Is it a smart decision? Probably not. But it's not like he's going down the drug/alcohol path that most do at the university age - now that's a real waste of money.
1. If he encounters a serious financial situation and needs to unload the car, he can, perhaps at a loss if serious. If something breaks that he can't afford to fix, so it will sit in his parents garage for a while.
2. He's not buying a *new* car. That's by far one of the worst financial decisions in life.
3. He's not buying a house or paying excessive rent, which can lock you down to a specific location, not to mention unexpected maintenance cost on a house can easily become astronomical. Sure houses/property can be a good investment if you play it right. But right now, it's nearly impossible to even get into a house without 20% down AND good credit. When that time comes after college, he may be able to sell the NSX for a down payment on a house and have some established credit if everything plays out right. Remember, he's not buying a car as an investment, he wants to build credit. Building credit with an item you want and enjoy is better than building credit with something you loathe. Having only a history of revolving credit sometimes isn't enough anymore to secure a decent interest rate on a home loan.
4. I feel you don't need life insurance unless you have a ton of debt and a family that can't take care of themselves. The trick is marry a wife that has good skills and good employment
The days women want to be just "house wives" are over. Women are equal to men in the workforce and at home.
I don't even want to get into college discussions, because my advice is probably misleading, and very non-traditional. Personally I see 4+ years of university a colossal waste of money UNLESS it's a useful degree (engineering/medical/etc..). Trade/vocational/two year degrees are more useful than a 4 year liberal arts degree. But above all, if you remain a tradesman (and not shooting for electrical engineering, etc), experience is golden, which you are already building. That's amazing, keep it up. You will start out ahead of everyone else in your field versus someone same age with 4+ years of college and no experience. You'll probably end up being their boss actually.
Education in America requires a major overhaul. I've interviewed thousands of applicants with 4+ year degrees, and it's staggering how little they know the field of their study (in this case, CIS), or basic common sense for that matter. Applicants with experience always shoot to the top of the pile to be interviewed. Everyone seems to have a degree these days (except a Masters or PhD), so bachelor's are not as coveted as in previous times.
Never take focus off your goals. Stay away from drugs, excessive drinking, and ignore what others think about you whether good or bad (too much good can turn you into a narcissist). Never stop learning new things and skills, and you'll do just fine.