Driving a car is a privilege, not a right. That's why we make people take tests before saying they can drive.
I accept what the OP says about taking ability to maintain payments to the victim into account, that really makes sense.
However, this man, by driving away and then attempting to conceal the crime (trying to get his car repaired before the cops showed up), IMO, has demonstrated a lack of responsibility. He is therefore unfit to hold a driving licence until he has proven his reasonable competence and reasonable attitude (towards the responsibilities that part of driving).
He is wealthy enough to afford to use a taxi or limo service, so removal of his licence will not unduly inconvenience him.