I had sex for the first time a few months ago (I am 19, btw), and it was AWFUL! I mean, downright shitty. It was a one night stand, and I was basically thinking the same things you were. Most of my friends have already done it, and I was like "well, why not." The guy didn't give two shits about me, for sure, and I felt like a blow up doll the whole time.
And what's worse, I felt like my virginity was something of an "upper hand", and I was so mad at myself when I realized I completely lost that. You will feel much better if you have wait for someone you can at least be with for a bit. Your first time is most probably going to be not the best you'll ever have, and it's nice to be able to give it another go with the same guy, knowing he's crazy about you and WANTS to make you feel good, instead of just his own self-gratification.
I'm in shock that 16 year olds now think they're "too old" to be virgins.