Sadly, and despite my post above Sarnie is right, but..
He's all grown up now with family, but dabbled in a flash car on the way and still come out smiling the other end. Good luck to him
Being at the other end of the age scale I went his route but couldn't afford the flash car midway, but now everything is paid off I can at least afford a ZED and nice holidays etc. My earnings were average from my twenties to fifties but there was no way a flash car was possible.
So much will depend on your future earning prospects, but all I can say is if enjoying life is a priority for you remember you only live once and if renting for the foreseeable future means you can enjoy your passion I would say go for it - as you just don't know what the future holds and you may find yourself regreting you missed out. So many younger people are having to rent now, if not by choice, so use the money that Stew has rightly pointed out will come with keeping your own place, on what you enjoy.
Or go sensible.