Bought my first in college with co-op money.
While I could easily make the payment, I regret it. Wound up going to grad school, etc. And while that car has been in the family for one person or another for the last 10 years and 200k miles...
It would have been MUCH smarter of me to invest that money, save it, or toss it toward high interest loans.
Max out an IRA and buy a used $8-10k WRX.
90% of the fun while still being responsible.