That's a BIG jump to make - but overall, if you're 21 (wish you could see what I drove at 21...) It's probably a smart move. As for BMW's, Having owned a few older ones, I recommend the smaller models overall and especially to younger drivers. Generally speaking, the model # tends to indicate the relative "hit" of parts and service costs. The 7's of this generation were reliable - if you mean the 4.4L V-8 and the GM-supplied 5-speed auto. Everything else fails with amazing regularity, in fact the electrical and cooling systems are the two biggest reasons people walk away from one. Look at a '99 328i as a possible alternative (nearly the same price - the 7's really depreciate) or even an E-36 M3, but remember that they will be expensive to look after. I do relate here - I have really liked the E-38 chassis 7'er and really despise the newer model. My "dream 7" is a 740d, which we did not have the privledge of recieving. Check out www.unofficialbmw.com for tons more info on any of thier models.
One factor you may not have considered with the Tiburon, while Hyundai has done a great job of building themsleves and their cars up in the past five years, they still depreciate rapidly. Perhaps if you can find a Honda Prelude, or even just a newer ES, you may be happier with it overall. Good luck!