On March 22, 1996, about 1630 eastern standard time, a Cessna 172N, N75770, registered to Vintage Props and Jets, operating as a 14 CFR Part 91 instructional flight, experienced an on ground loss of control on landing and crashed at the New Smyna Beach Municipal Airport, New Smyrna Beach, Florida. Visual meteorological conditions prevailed and no flight plan was filed. The airplane sustained substantial damage and the student pilot reported no injuries. The flight originated from New Smyrna Beach about 1 hour 20 minutes before the accident. The student pilot stated he was making full stop landings to runway 29. After about seven landings he made a fast approach at about 70 knots. Realizing that he was fast, he reduced the power to idle and applied full flaps. He flared too late and the airplane collided with the runway, bounced and began to porpoise down the runway. He panicked and lost control of the airplane. The nose gear collapsed. The airplane veered to the left and came to a complete stop next to the edge of the runway.