If you are considering buying the car yourself, perhaps check what the insurance costs will be first. In general, the Phaeton is quite an inexpensive car to insure because of the anti-theft features and the excellent occupant protection. However, you should check ahead of time to make sure that your insurance company will not crucify you because of the high horsepower of the W12 engine (either 420 or 444 horsepower, depending on model year). Also, the collision premium - this being the part of the insurance that pays for repair of your car if you damage it - is a bit higher than normal on the Phaetons, because any kind of front-end damage usually results in a very high repair bill due to multiple radiators up at the front of the car.
Also - just a last bit of information for you - the W12 uses quite a bit of fuel when driven in the city. For pure highway driving, it is quite economical - it uses exactly twice as much fuel as a Golf TDI, which is one of the most economical cars driven. Pure highway driving costs about $10 in fuel for every 60 miles travelled. However - the fuel mileage for city driving is, uh, not something we brag about. Figure on about 12 MPG, which is equal to $10 in fuel for every 30 miles travelled. That could add up to a heck of a fuel bill if you are still a student. Regular scheduled maintenance is also expensive - the W12 requires 13 quarts of special VW specification oil each oil change, so the total cost for an oil change is about $300, more or less.
One other vehicle you might want to look for - an equally rare, and equally luxurious VW - would be a W8 powered Passat wagon. If I was much younger, I would probably choose that over a Phaeton just because the wagon offers a wider range of choices - you can load it up for camping or travelling, haul stuff in it easier, and so forth. The W8 Passats were a bit like the Phaeton - too much technology for the North American market - and as a result, they were withdrawn after only about 18 months on sale here. They are truly awesome cars.