Rethinking my old 318...

If you are still in college and the 318 you already have still runs good, I would suggest keeping it in there and enjoying the car as is, until you have a steady good job.

Keep the car reliable and safe.

Old cars cost alot of cash, 2x the cash on planning the money anything you try to do.
I had a mental budget of 5K on just making mine a nice cruiser, almost 7K later I have not touched the body or motor and am the middle of a front end rebuild nighmare.