My cobra payment was 421/month. You can buy a decent house for that or less.
I'm speaking from personal experience. Go buy your car, have fun with it. Your priorities will change eventually.
On a side note my best friend is a huge GM nutswinger. He had an 05 gto and a c4 vette. He was talking his smack and I calmly turned and informed him that my little 281ci engine on pump gas made more than both his 5.7 and 6.0 combined.