My youngest son has the same deal going with us. We pay for his car (insurance/minor upkeep) and his cell as long as he maintains his grades. He chose a 2009 Malibu with low miles and he's happy with his decision. Though he hit me up recently to let him take my car out on a date with his girlfriend.
Save your money (and your parents) and enjoy your reward after college. You've got your whole life ahead of you to worry about a Camaro.