This will sound preachy, and it is, but I've been watching these types of threads and thought I'd relate my experience.
In my 20's, I drove a cheap car that cost $4000 for 7 years.. yes, that's 7 years. I paid cash for it with a bit of help from the parents. During those 7 years, I saved up money.. a lot of it, and every car I've bought since then (3 of them), I've paid cash. That puts me ahead of the game in that I'm never paying interest. I owe nothing on credit cards, and the only debt I carry is the mortgage on my house, and I could pay that off if I wanted to, but mortgage interest is deductable on taxes.
I know having a styling ride when you're in your 20's is a big deal to a lot of guys. Most think in terms of monthly payments that they think they can afford. When all is said and done, doing that costs a whole bunch of money. Having some discipline can pay big dividends down the road though. It doesn't work for some people, but it does for me. I'm 43 now, and even if I were to lose my job in a bad economy, I could last probably 5 years if I had to without living in my car.. down by the river. That peace of mind was worth always riding with my friends when we went out on the weekends because they had the hot cars.
Just food for thought.
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