Well,
I think I just recently went through a very similar situation, so I'll chime in a bit.
I've thought about trading my 07 Camry XLE for half a year. I bought it brand new (well my dad did when I just got in post secondary). I made sure my dad was okay for me to trade it before I did.
So I finally decided to (2 weeks ago) trade my Camry for my friends s2000. He took my Camry to Calgary for school, and I plan on driving it this winter until I save up more money for a winter beater. (I was stupid in buying me some Ohlin DFVs...
) This is my last semester in Uni. I also work part time as a Wedding Videographer so I do have some income to spend.
For my trade, I got money on top, which I used to buy hard top and will be using the rest on buying winter tires and a car canopy (no garage), AND I'm not paying monthly payments as I already paid off my old car.
I got 2-3.5k on top of trade-in value (12000-13500) and I bought the MINT and Low K (76k) s2000 at trade in value. (12000). The deal made sense to me because my Camry was depreciating very quickly and will continue to do so, (6 months ago dealer quoted 14500, it dropped 1.5k in half a year) where as the S2000's been selling for quite a bit. I also couldn't even sell my Camry at 16000. It sat for a good couple weeks without any serious bite other than tire kickers.
I did spend quite a big chunk of my savings to fit the s2000 for the winter though, and I'm still kind of scared about crashing it because my AP1 is notoriously tail happy.
I haven't regretted my decision as I've loved the two weeks I've driven it AND I made quite a few friends at S2ki who've been very helpful. However I'm also ready to bear the consequences should things go south. I'm looking to do a bit more PT work to save up more money just incase something happens. (taking the bus this entire semester would be one if I decide it's still to dangerous even on blizzaks). So you'll have to be prepared for things as such when you purchase a RAW sports car.
One thing I know is that if I kept my Camry I'll always have the itch and distraction of looking for another car. But now I'm very satisfied and know what it's like to own a cool sports car and I plan to keep this car for as long as I can. I've also learnt the process of buying another car (I replaced all fluids + sparkplugs...etc right after buying the s2k)
Personally, the s2000 made me into a better driver too, and I felt good because I got something I wanted, at the manageable budget I envisioned.
As long as you KNOW and are prepared for what may lie ahead, I personally believe that it's not too bad of an idea.
Best,