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I'd wait until he was a little older, take him to race meetings for now to see if he gets the bug then when he's 8-10 take him to an indoor kart track, they will run starter lessons. From there go and do arrive and drive championships like club100 or something so there isn't the initial outlay of a few grand, only then if hes hooked get him a kart!!!
Racing doesn't have to be expensive, when I ran Tkm it cost me 3k a year including engine rebuilds tyres entry fees etc etc. if you want to have fun then get a cheep kart to start with and just do track days, if he's good enough and you can afford it, get some better equiptment and go racing for real, either in msa or in non msa racing
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