A "rising level 2", I an assuming you are talking PSIA levels here is hardly an "all mountain" skier.
I know that it is rough when you look at the budget and try to second guess the growth rate of the kid and their advancement but the best advice is to take a hard and honest look at your ski plans. How much time you and he will spend on snow.
Go down to a good shop, not one of the high volume retailers or "big box" (in ski terms), and ask about the seasonal rental program. Some of the good shops in New Jersey and New York offer a variety of choices and all are pretty darned good deals when you cost it out. goes something like:
Run of the mill "fleet rental" gear .... skis, boot and poles for about $120/150 per season ..
Better quality skis, boots ... poles are about the same, for not much more.
Race ... skis and boots, still a bargain
The shops don't loose on these deals cause the better quality stuff can be cycled back into the rental fleet when returned.
Then you are not stuck with a garage full of outgrown skis that you are going to loose money on and your kid is on gear that will be right for them at that period in time. Free adjustment is usually included if a change needs to be made at mid-season.
No ..... I don't work for a shop, but have gone through this with two kids.