2010 Camaro over my 2005 Coblt SS?

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Hey everyone! I'm 16 and I'm only a sophomore in high school and when I was 15 I was able to buy my 2005 Chevy Cobalt SS (Super Sport, the upgraded version) completely by myself with cash for $8,750. I absolutely love my car but wish I had something... a little more BLAM! So I've been looking into a custom 2010 Chevy Camaro (and extremely nice car)and the one that I have picked out is about $29,000. I took my Cobalt in to have an estimate done and they told me it was worth just over $10,000. So that's only a difference of $19,000. $12,000 of which I already have saved up. My question is, should I do this? Because I really really want this car and with the plan that I've set up I'll be able to pay for the other $7,000 within a year. I'll be a senior by that time with a 2010 Camaro completely payed for. But I won't have as much saved up for college expenses. What should I do?