I'll chime in here because I was in a similar situation. I started out with a 1994 325i as my first car. I always kept it pristine as a thank you to my parents for buying it for me in the first place.
After completing nearly two years of college and proving to my parents that I could maintain good grades while holding a part-time job that would cover my car payments (~$1k/mo then), they gave me the go ahead to search for a car that was in a specific budget that I clearly detailed out for them. My payment had to be $450/mo or less and I had to cover insurance (under parents' names) and my gas. Ended up financing my car for 60 months @ 5% with $12k down (which came from my parents letting me use the $5k I got for selling my E36 plus $7k I scraped together from saving over the years and selling nearly everything I had that was worth something).
I couldn't ask for better parents for trusting me with the responsibility of a $33k car after just turning 20
. Since I've owned my car, I have had to sacrifice a lot...saying no to friends wanting to go to concerts, eating very cheaply, hardly buying any clothes, etc. Looking back a year and a half later, was it worth it? UNDOUBTEDLY yes! I don't really intend on selling my car (only trade would be a GT3RS), so having to spend the money now doesn't bother me at all.
Bottom line: If you're dedicated, willing to make sacrifices to stay above water financially, and convinced you have to have it then don't let anyone hold you back. Just make sure you don't regret it.