The M5 then sounds like my best option if I am getting a V10, is that a car I could do a lot of work myself, or would I have to go to a BMW shop, I would never to a stealership though.

BMW M5's aren't DIY-friendly. You would need a shop to do any needed repairs.

How much would I spending annually on repairs, because, I would have a job each summer so I can pay for it all myself, but I also want to save for college.

There are too many variables to say. As a first car, I wouldn't recommend an M5. Just my opinion, but I think you are overreaching your budget here. I mean, for example, can you swing $500 to $1000 every 5k miles for maintenance? Most of my customers who regularly service those cars and do what is recommended by BMW for maintenance (and that is KEY on those cars...you can not skip maintenance) easily walk out with $2000+ bills every visit. If the engine or trans goes out, it will literally run you more than the car is worth to replace. The M-series cars are for high rollers with cash to burn who don't care about $5k, $10k bills. Unless you are bringing down $100k plus a year in income I would not put one on the list to own.

Luckily, I would only be driving the car on average to and from school, and maybe every week go out with my friends, so I wouldn't put a ton of miles on the car, you are probably right that I am overreaching my budget. I just want the most for my $ in a performance car.

If you are determined to get a performance car, have you considered: 05 -06 GTO's, LS1 Camaro/Firebirds, and GT Mustangs? They are more reliable than any exotic, parts are cheap and everywhere (Scotty did videos on an old Camaro and Firebird), insurance is cheaper, and if it gets dinged while you are in school (as someone who went through college, it probably will) who cares? You can't go 150, 160mph on a public roadway. I've owned all kinds of fast cars. But my 2020 Accord Sport 2.0T goes down the road at 65mph all the same for a lot less money. I do have my hopped up 1998 Z28, but I use that for a show piece here in the shop and as a track toy from time to time. If it breaks, who cares? Parts are cheap and I don't need it fixed ASAP because I have a reliable daily driver to go to work in. This is a MUCH less stressful setup than trying to make your daily your toy as well. Maybe doing something similar would work for you. And also keep your driving record clean.

I will try my best to keep my driving record clean, would a regular C5 be a good choice, because it also has the LS1 engine, and yes a corvette will cost more to maintain but would it be significantly less than they Z06?

One thing I have thought of is buying a cheap corolla or something and then get the Z06, and insurance is less when you have 2 cars.

Certain parts (suspension, brakes, etc.) are significantly less than the Z06 model. But you are still well above Corolla/Accord/Camry money.

Yeah the thing is for whatever crazy reason, with most insurance companies I would pay about $75 less for the corvette than my mom's camry which saves me $900 a year. Which I think is nuts but I mean for most BMW's I would pay $1200 less per year, which is crazier, I don't know why my mom's camry is so high in insurance but that is the way it is.

That is what other have told me, but I would like a car with a V10 or V12 but if it is not reliable I will settle for a V8 or maybe even some type of six cylinder.

That is a good idea, I had never thought of it before, I do question dodges quality, but maybe back then they were better.