I have to agree... this is NOT a smart car for a 16 year old. This car will eat you up and swallow you whole if you aren't careful... and it will happen so fast, you wont even know you crashed until after it's happened.
If you are SERIOUS about keeping this car and being safe, I highly recommend looking into a professional driving / racing school. I recommend this, not to teach you how to race, but these classes will teach you how to be a safe driver when you have more horsepower than sense. (and at 16, I PROMISE YOU THIS IS TRUE).
You'll find that many people will want to race you. A lot of lesser cars would love the opportunity to say they took down a Z06. Doesn't matter how old you are, where you live... a Z06 invites immaturity. If you want to survive this car, you can NOT be a 16 year old when you drive it. You should drive it like it's a Hyundai. Even with Traction Control and Active Handling (which all Z06's have), you are NOT immune from harm.
Whomever bought you this car for your 16th birthday can afford to send you to a driving school. Consider Spring Mountain for starters. It's only about $3000 for the full package. Then this person needs to perhaps have their head examined. No offense. But you cannot, at 16, fully understand what this car can do or learn to respect its power with no driving experience.
Please..... BE CAREFUL. Go to a reputable school for advice and training. I'll even send you a link so you have no excuse not to look into it. ONE CLICK!
http://www.springmountainmotorsports.com/
These guys teach their skills in CORVETTES so it's particularly relevant to you.