depends on your son, but i could see this as the point where the car takes a turn for the worst. I am 21, i see lots of this shit take place, there is a small few who would actually care for the car, and the rest will treat it the same way they would treat an old beat up civic. That is a damn nice car, and it should not go through the college beating. Even if your son is a good kid, likely some untrustworthies will end up in it one night... need i say more?
OH, and a car like that will never aid in the persual of excellence. I'm approaching my 3rd year as an business/accounting student and the other kids in my class who drive cars their parents bought them have no concept of money, generally end up broke the first year out and unable to pay their loans. What you gotta do is provide some sort of incentive for your kid to do well in school. Perhaps get him a reasonably nice car, then say depending on his grades buy him something nice for it.