Financing a car while in college - Good idea or no?

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I currently have a '93 Ford Escort and it needs replacing. My parents are saying that I'm at the age where I should be financing a newer car instead of buying another beater. I've got one I'm likely going to get (2008 Cobalt Lt), and have priced out my insurance and all that. I am also in college full-time, and working part-time at Subway 5 times a week (at $10.50/hour). I would be able to afford the car/insurance/gas/etc, but wouldn't be able to save much money. I make $25/month to my Tax Free Savings Account, but other than that I wouldn't be able to save more than $50-100/month and would have absolutely no disposable income.
Is it a good idea to finance a car while in college? My primary concern isn't that I can't afford it, but that I won't be able to save much money for other things such as repairs that pop up.

I don't think there is a right or wrong answer.

I chose to go easy on car expenses, saving as much money as I could.

As a result, I was able to not only buy a house, but pay off the mortgage before I was 50.

Oh, and one major thing I forgot to mention was that I need a car. I live a rural area half an hour from the school, so there's no public transit.

There is logic to both.

A newer car may last longer, but cost more.

A beater may be a low up front cost, but a higher down the road cost with repairs.

I think it depends on the car.

imho it is a good idea as it'll help build credit for you. as long as you're sure you will keep up the payments.

Can you afford matinance is a big problem because if you don't maintain will cost you more down the road.