I'm well acquainted with Baylor -- I grew up in Texas.
One thing you'll learn is that comparing what you drive to anyone else's ride is not productive. They can have new Mercedes and Lexus cars, but you've got one that is more reliable than Mercedes and equal to Lexus. And, it's paid for (a huge deal when in college).
Must be nice to have someone else pay for half of a new car....I have had to pay for all of my cars, gas, and insurance. Suggestion -- negotiate to see if they would cover both halves of a new vehicle when you graduate; if they balk, maybe a sliding scale where they pay more as your final GPA goes up.
You'll find out that it's really important to graduate with as little debt as possible, as you go out into the real world with your first career job. You'll have lots of expenses as it is, and a new car only adds to the burden. I have friends that spent more than 10 years paying off college loans, and the interest is a financial killer.
If you're covering the operating costs, the newer vehicle will cost more for insurance, etc.
Just my $.02.