There's plenty wrong with buying a new car if you're not in the financial position to do so. It IS wasted money that you'll never get back...but that's IF you want to get it back (I'm assuming you love the car and will probably keep it for a LONG time instead of being the kindof guy who just wants the newest bs all the time).
If I wasn't moving I'd put the money I have set aside into a new(er) car (I was thinking a Avalanche that is a few years old) but I'm fine driving around my hunk of junk until after I move haha.