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The new, chip-embedded car keys will also keep young drivers from cranking the car stereo, as well as sound alarms until seat belts get fastened. Looks like the carefree days of “American Graffiti” are over, in more ways than one.

Reports says that an “unspecified number” of 2010 model Ford cars and trucks (including the 2010 Ford Focus, due next year) will come with the MyKey feature, which will eventually get rolled out to all Ford, Lincoln, and Mercury models.

Besides the option of keeping young drivers from going over 80 miles per hour (leaving a slight buffer over most state speeding limits “in case an unusual situation arises,” ), parents can also set MyKey to sound in-car alerts if their kids accelerate past 45, 55, or 65 miles per hour.

Among other possible MyKey restrictions: A volume limit for the car radio (to “44 percent of totally volume”), along with chimes that sound once a minute (and mute the radio) until drivers and passengers buckle their seat belts.

Naturally, teens aren’t amused by the coming MyKey feature; indeed, a Ford survey found that 67 percent of teen drivers “don’t like” the idea (no kidding). Then again, when asked to factor in the possibility that MyKey might give them more chances behind the wheel, the “hate it” figure drops to 36 percent, according to Ford’s survey.

OK, but are built-in speed limits for cars really a good idea? You could argue that all drivers need to be able to accelerate away from danger-especially if you’re trying to pass a line of cars while facing oncoming traffic.

That said, I can’t remember the last time I truly needed to speed beyond 80 mph, for any reason. And then there’s this sobering statistic (PDF): More than 6,500 fatal car crashes last year involved drivers aged 15-20, while speeding was a factor in 31 percent of all fatal crashes in 2007.

So, parents and teens … what do you think? Are set-in-stone speeding limits a good idea? What about the car radio and seat-belt restrictions? And for the teens: Would you accept a MyKey if it meant getting more chances to drive?

The MyKey system allows the parent to program any key through the vehicle message center, which updates the SecuriLock(TM) passive anti-theft system. When the MyKey is inserted into the ignition, the system reads the transponder chip in the key and immediately identifies the MyKey code, which enables certain default driving modes, including:

– Persistent Ford Beltminder(TM) with audio mute. Ford’s Beltminder system typically provides a six-second reminder chime every minute for five minutes. With MyKey, the Beltminder chime continues at the regular interval and the audio system is muted until the safety belt is buckled. A message center display “Buckle Up to Unmute Radio” also appears on the instrument cluster.

– Earlier low-fuel warning. Rather than a warning at 50 miles to empty, MyKey provides a warning at 75 miles to empty.

– If MyKey is in the ignition, features such as Park Aid and BLIS(TM) (Blind Spot Information System) with Cross Traffic Alert cannot be deactivated.

Additional MyKey features that can be programmed through the vehicle’s message center setup menu:

– Limited top speed of 80 mph

– Traction control system, that limits tire spin, cannot be deactivated

– Limited audio volume to 44 percent of total volume

– A speed alert chime at 45, 55 or 65 mph

Using MyKey to teach teens to avoid speeding can provide an added benefit — improved fuel economy. Ford research shows that driving 55 mph instead of 65 mph consumes 15 percent less fuel, and mastering other eco-driving habits such as avoiding jackrabbit starts and excessive idling can help improve fuel economy by more than 50 percent.

Safety is the key

MyKey is just one way that Ford is helping teens drive more safely. Ford Motor Company Fund’s Driving Skills for Life (DSFL) program helps young motorist’s master four critical driving skills — hazard recognition, vehicle handling, space management, and speed management — that help address the majority of dangerous driving conditions. More than 3,000 teens have participated in DSFL ride-and-drive events