Honestly, I'm thinking about this the same way WVGasGuy is. 20yrs old and not even out of college really isn't the time to be dropping $30k on a new car unless you are bankrolled by a Hilton. I'm 24, two years out of college and making decent money, but it would be a real pinch to be making that kind of payment on top of all of my other living expenses and trying to put as much money away as I can. (Saving isn't as much fun as a new car but you will thank yourself for it later in life!)

Keep your current car until you have been in the work force for a year. Then you will have a better idea of what you can really afford, which probably isn't what you think you can afford now. Besides, a 2005 Camry is an excellent car and should be good for at least 30mpg on the highway, 25 or better around town. If your mileage is lousy and you want to save on gas money, consider a change of driving habits at zero cost to you. (Click on my signature box for an example of how driving habits changed my gas mileage...it's not difficult to see where I went from my old ways to how I drive today.)