A lot has changed just in the last couple of months. I know my company has a hiring freeze as well even though we have spots for a few people. Epstein is right though, typically after you graduate it will take some time before you get up there in pay unless you are able to slip into a very rare but good spot in a company. Timing is a large factor when it comes to landing the correct job. Most businesses like to see degrees plus 2+ years experience working in that particular field. With the company I work for, I am already making more than a base engineer with a bachelors degree and I don't graduate until 2010 just because of my work experience and abilities.

On the car note, if it's already plenty built, the idea of putting cash away is your best bet. Throw some dough to the ride, put some away, take a vacation and celebrate years of hard work for your degree. If your planning on competing heavily with the car it becomes a different plan and you may want to budget your build accordingly.