Check the insurance rates for a 16yr old in the NE before you set your budget. DONT OVER PAY JUST CAUSE ITS A COOL CAR. If you wreck an E30 M3, as far as the insurance company is concerned, it was nothing more than a 20 year old import. Doesnt matter how cool the driver thoughtit was. And keep in mind that 1 in every three people total a car before they turn 21 and another 1/3 are involved in lesser accidents.
... And don't say you'll be careful and crap because I've totalled three cars (volvo XC90, Lincoln Navigator and a ford Taurus), none of which were even remotely my fault. never underestimate the potential of bad/unattentive drivers in bad road conditions)
Pick something cheap and safe that will keep you alive, that way you're alive long enough to enjoy a REALLY cool car once you get out of college.