It's not a smart move for all of the reasons mentioned so far.
You got a couple years left, so wait it out. IF you feel you really have to have a newer car, get something cheap. Hyundai Elantra's are awesome. Cheap to buy, cheap to maintain, and really cheap to fill up. I have one now as a DD and plan on buying a Porsche within the next week or so as a weekend car.
Just get a car that will get you through the last years of college. Once you get that cool new job that pays well after college, then go ahead and splurge a little and get a better car than a 135i. But now isn't the time to do it.