I have a new doctor car.

And for those of you who follow the blog, you may not be sure what to make of this. Because when I say doctor car, I really mean “doctor car.” Just in the sense that it’s a car owned by a doctor. Not the stereotypical doctor car.

First, if you have no idea what I am talking about, please read this post where I debunk the doctor car myth and also introduce you to my own personal doctor car for the past 5 years.

OK, with that backstory in place, let me update you on what’s been going on over the past year or so. And how that culminated in me with a new doctor car.

The new doctor car saga

It all started 5 years ago when, instead of leasing an expensive luxury car as I initially planned, I bought a used 2014 Toyota Avalon for $4,000.

I then proceeded to beat the living snot out of this car. Not intentionally. But I hadn’t driven for 7 years. I didn’t get in any crashes, but I did nick the car a ton on my garage door pulling into a right space. This ultimately resulted in damage to the front side windows, back brake lights, and the bumper cover falling off.

But the car still worked! So I kept it. I really didn’t care about optics. I had no car payment and a functioning car.

But then things changed…

About a year ago, I banged into the garage door edge again. This time was a bit worse though. The left rear brake light cracked but also the surrounding body of the car was damaged. Brake light still worked though so I kept going.

Unfortunately, a few months later, my inspection was due. I brought it in and found out that the inspections oddly fail due to the left brake light issue. And it wasn’t an easy fix because the body would have to be repaired to fix the tail light. And because the car was old, a new body part would have to be ordered. It would cost thousands.

Well, our written financial plan called for Selenid and I to get a new car in 6 years. So at this point, we made the decision to pursue a new car rather than spend a lot of money to revamp my car which was going to be gone soon anyway.

The plan was for Selenid to get a new car and I would take her 2020 Kia Telluride that we owned outright. She did some research and decided on a Cadillac Escalade. So we ordered one…

But there was a snag…

Selenid wanted a new 2025 Cadillac Escalade. Fine. Yes, buying used is more prudent but what the heck. We could accommodate it in our financial plan and it met the criteria of an intentional spend for Selenid.

The problem is that the wait time for a new Escalade was given to us as 8+ months.

Not ideal. I made the decision to continue driving my inspection and now registration expired car until the new car arrived. Why? Well, a ticket for this was much less expensive than the repairs needed on the car.

And on we went….until…

The power steering on the car stopped working. And I don’t know if you’ve ever driven a car with no power steering, but it is really hard. Plus it’s super loud anytime you try to really crank the wheels one way or the other.

And then… after 6 months, I finally got pulled over and got tickets for my expirations. Additional tickets would result in a higher fine and potentially points on my license.

The time had come for a change.

How I got my new doctor car

Within the span of 36 hours after I got these tickets, we had a new car. But it took some working. And I have to give Selenid a ton of credit for making this happen. Because she willed it into existence.

We reached out to our original dealership and unfortunately weren’t able to reach them. Some research online showed that there was the exact car we wanted in the lot of another dealer. So we called. But that car was actually sold and not updated online.

But…they had another one coming in within 6 weeks. It already had a production and delivery date unlike our current order. That’s great we told them, but we need a car now.

So they came up with a solution, we would buy a used 2024 Cadillac Escalade that otherwise met our desires. And then when the new car came in, we would have a guaranteed trade in value to buy the new car.

We went in, inspected the car, reviewed the papers and signed. One day later, Selenid drive off in her Escalade and I got the Kia Telluride.

The cherry on top

I still had my old car. And had no clue what to do with it. I pitched an idea. I would sell the car to the dealership for parts for $500 which would stand as our deposit on the new car before it came in and then be credited back to us.

And they said yes!

The biggest plus of this whole scenario? I didn’t have to figure out how to get rid of this car otherwise.

It was all clean and easy.

Where things stand now

As I write this, I am driving my new doctor car (not literally like this second). But that is what I’m using. And I gotta tell you, it’s been great.

I loved my old car. And still miss it nostalgically. But having the Telluride gives me more room to fit all 3 of my kids, has some updated gadgets like Apple Car Play, and runs a lot better.

Meanwhile, Selenid gets her dream car. Massaging seats. Adaptive cruise control. Entertainment systems. All the bells and whistles. And you know what, it is even more sweet now that we waited 5 years before getting it.

So, was it worth it?

The answer is a resounding yes!

Here are the 3 top reasons I would 100% do everything the same with my car if I could do it again:

• It allowed us to invest more money early on in things like real estate, the cash flow from which we used to help buy this new more expensive car
• The delay in gratification actually has helped us to appreciate the new fancy car even more
• The car served it utilitarian prose perfectly for 5 years

So no regrets here!

What is the final message?

This is my doctor car story. It doesn’t have to be yours. The bottom line is that there is a basic formula to reach financial freedom that goes something like this:

• Save at least 20% of your gross income
• Invest in broadly diversified, low cost index funds
• Re-balance yearly
• Rinse and repeat

If you can reach your financial goals while buying a more expensive car early on and it gives you more joy than the price tag, go for it!

The problem is that I see too many doctors get the doctor car, the doctor house, and all the other doctor “things” before setting their financial future. And then they find themselves unable to create a savings rate, invest, and reach financial freedom. They find themselves working paycheck to paycheck despite a high income. Burnout often ensues…

This is where you do not want to find yourself. No car is worth that.

However, if you do find yourself in this situation as I almost did, there are still a lot of things you can do to get on the path to financial freedom. Here are some resources to help!

• The 7 Step Basic Formula for Wealth as a Physician
• How Much Do You Need to Save for a $5 Million Nest Egg?
• How the 4 Percent Rule Works (And If It Still Makes Sense for Doctors)

You can also check out my best-selling book, Money Matters in Medicine or watch my Masterclass Webinar on The 12 Steps to Financial Freedom for Physicians here!

What do you think? Do you have a doctor car or a “doctor” car? What is it? What do you think of my new doctor car saga? Anything you would do different? Let me know in the comments below!