Parents, stop worrying that your kid will give your car too much gas when you lend it to him. Ford Motor has come up with MyKey, a car key which incorporates a chip that makes the key and care programmable.

With MyKey, the owner of the car can set the top speed of the other driver to 80 mph. Ford said the new option will come with the 2010 models and will spread to the entire Ford, Lincoln and Mercury lineup, a company spokesman told The Associated Press.

Junior likes to pump up the volume? Not a problem anymore. With MyKey you will be able to set a top volume level as well and to sound continuous alerts if the driver doesn't wear a seat belt. More precisely, with MyKey parents will be able to limit the radio volume to 44 percent of maximum.

"Our message to parents is, hey, we are providing you some conditions to give your new drivers that may allow you to feel a little more comfortable in giving them the car more often," said Jim Buczkowski, the company’s director of electronic and electrical systems engineering.

MyKey can also be activated to warn the driver when the level of the fuel is lowering. The warning will come on with 75 miles remaining, instead of the usual 50 miles. Another feature of the new chip key is that it can program the vehicle not to allow the driver to deactivate safety technologies such as traction control and blind spot detection.

An option to program the car to sound a chime if the teen exceeds 45, 55 or 65 mph is also available.