If you have to ask, I'd say no. But that's just an off-the-cuff reply.
You need to figure out what kind of monthly payment you can afford. Factor in the additional cost for insurance. Gas should stay the same or maybe even drop.
Factor in the fact that you're already looking to mod it -- that's more $.
If you aren't contributing monthly to your 401(k) and other long-term investments, you should prioritize that. Given that you've only got $5k in savings, I assume that you aren't.
You can't ask strangers, though -- you have to ask yourself. And my gut feeling is that if you have to ask - you can't afford it.
I kinda hope that I'm wrong, though.
