Sports journalism student Matthew Hesketh, of Woodplumpton Lane, Broughton, died after the car collided with a taxi on Preston Road, Longridge, in February last year.
Matthew's friend, Adam Catterall, 19, of Mill Lane, Goosnargh, had always denied causing death by dangerous driving following the horrific crash.
He admitted the lesser charge of careless driving, and was fined £1,000 and banned from driving for 18 months.
Following the sentence Matthew's grieving parents criticised the sentence and said they will never get over their son's death.
Dad Andrew, 46, said: "It is sending out the wrong message to young drivers who will think it doesn't matter if they drive dangerously – even if they do end someone's life they will just get fined. We feel so cheated.
"The sentence hasn't brought closure to us. We just feel Matthew was let down in life and now he's been let down in death. I cry every day for my son and have done since he was killed."
Judge Heather Lloyd had earlier told the jury they would not hear a sadder case.She said Matthew's family had suffered an unimaginable loss and no sentence could satisfy their anger and grief.
The trial heard that the car skidded onto the opposite side of the road and hit a taxi.Matthew, who was a back seat passenger in the Peugeot 106, wearing a seatbelt, died at the scene. Another friend of the defendant, sat in the front seat, was injured, as was the taxi driver.
Catterall told the court that he overtook two vehicles, but had pulled back into his own lane before a bend.
He said the car then began to slide to the left and he tried to correct it.
The court also heard reports that the stretch of road was below par and showing signs of wear and tear.
The jury reached its not guilty verdict after considering the evidence for almost five and a half hours.
Mr Simon Newell, defending, said Catterall was a student working part-time and he was of previous good character.
The Judge told Catterall: "Whatever the sentence nothing will ever possibly or could ever possibly satisfy the grief and anger of Matthew's family. Their loss is unimaginable. Matthew was much loved and had hope and anticipation for the future.
"As a result of what you did that night Matthew died, your friend was injured and the taxi driver. You got off lightly. You will have your health and your life in front of you."
She added: "You did not expect or want this to happen.
"The greatest sentence is knowing what happened that night and that you were responsible for that."
Judge Lloyd passed on her condolences to Matthew's family. Some left court crying during the sentencing remarks.