Should I buy a 2011 Honda Fit?

I can get a brand new automatic 2011 Honda Fit for $15,969 through USAA, $701 off MSRP. I can put $5,000 down. USAA is offering me a 5 year loan at 7.99% APR and I have a 745 credit score. My estimated monthly payments will be around $222–$244 a month. My insurance for me being a 19 year old male driver will be about $161 a month. Is this a good deal? I'm in the military and I make about $1,400 a month after putting money away for my G.I. bill, retirement, taxes, etc. From the reviews it seems like a pretty nice car. I'm not really interested in buying a used car. I know with a new one I take a loss when I drive it off the lot but I want the reliability of a new car. Does this sound like a good idea? Should I look for different auto loans? Thanks for any advice..