Have you ever wondered what brand of car most doctors drive? Bentley? Mercedes? Tesla? The actual answer may surprise you.
Toyota is the most popular car brand among doctors and is driven by 18% of physicians. Toyota is followed by Honda, the second most popular car brand among doctors, driven by 14% of physicians. These results are available in the most recent Medscape Physician and Lifestyle Happiness Report.
We tend to think of doctors as high earners and representatives of a rich lifestyle. If that’s the case, then why are Toyota and Honda the most common brands of car driven by doctors?
The Most Popular Cars Among Doctors
Toyota, Honda, and BMW take the top three spots for most popular cars driven by physicians. This is according to data from the 2021 Medscape Physician and Lifestyle Happiness Report, a survey of over 12,000 physicians in over 29 specialties.
It shouldn’t come as any surprise that the most popular brands in America are also the most popular cars among doctors. Doctors carry a high level of responsibility and have high expectation that they’ll not always be on time, but may also be responsible to get to work in emergency situations. For that reason, they tend to choose the most reliable vehicles.
When it comes to reliable, Toyota and Honda have consistently been rated as two of the most reliable car brands over the past decade. In addition, they’re also two of the least expensive cars to maintain, according to the folks at yourmechanic.com. And finally, they’re simply two of the most awarded brands out there by Kelly Blue Book.
Of course, Toyota and Honda only make up the most popular 32% of physician cars. BMW makes up the next 10%, coming in third.
There’s simply no getting around the fact that doctors also have the same buying habits as the rest of the population. Look in any doctors parking lot and you’re bound to see at least a few BMWs, Mercedes, and even Teslas. Does this mean the doctors who drive these cars are overspending on luxury brands? Does it mean they live flashy, luxurious lifestyles? Or does it mean they just like buying fancy cars?
The truth is all of the above. While not all doctors fit the stereotype of the rich doctor that you see on TV, some still do.
What Some Actual Doctors Are Driving
To better understand the decisions doctors make when choosing which car to drive, I thought it would be helpful to ask a group of doctors what they drive and why. Here are their responses.
- Mrs. Average Doctor drives a 2012 Toyota Camry. The hubcaps and hood emblem have long since fallen off. And the a/v cable stopped working. But “I absolutely love this car”, she says. Believe it or not, when I told people at work about her car, a few people really wanted to buy it.
- I drive a 2017 Honda Civic. I made the mistake of leasing a car in medical school and again in residency because I didn’t think I had enough to buy one. When I became an attending, I wanted something functional that would hold its value, and that had CarPlay. Im a sucker for Google Maps.
- Dr. C drives a 2014 Kia Sorrento. “Because it has a third row and it’s paid off.” He did just buy a new car for his wife, though. A 2018 Chrysler Pacifica. “I used to have a Lexus, when I was a lawyer.” He added.
- Dr. A drives an Mazda CX-5. “Need SUVs for transporting children.”
- Dr. L has the newest model car of the group, a 2019 Subaru Forester. “I liked the car when I drove it.”
- On the other end of the luxury car spectrum is Dr. R who has two cars. A BMW i8 “because doors and plug in” and a land rover discovery “because I still need a trunk.”
- And then there’s Dr. M who drives a 2018 Tesla Model S, saying “I simply love it. I’ve never driven a car like this before.” He also doesn’t have any student loans.
Why Doctors Shouldn’t Buy Luxury Brand Cars
I don’t believe that all doctors should avoid buying luxury cars, but I do think that most of them should. At the very least, they should all at least consider why they’re making this type of purchase.
Aside from buying a home, and maybe paying for medical school, a car is the next most expensive purchase you’re likely to make in your life. The question is why do you need the most expensive one?
Take a look at this list of regular and luxury car brands:
| Regular Brands | Luxury Brands |
| Toyota | Lexus |
| Honda | BMW |
| Subaru | Porsche |
| Chevrolet | Tesla |
| Ford | Bentley |
| Kia | Ferrari |
Without a doubt the names alone carry some level of weight and status. But does that make you want to buy them? What if I told you the average cost difference between regular and luxury brand cars was about $20,000 just for the base model. And that’s before factoring in maintenance costs.
There are two ways of evaluating this decision of whether or not to buy a luxury brand car that I can see. Let’s call them the Mr. Money Mustache (MMM) method and the Ramit Sethi method.
The Mr. Money Mustache Method of Car Evaluation
Following the MMM train of thought, “A car is not a luxurious salon for you to lounge in while you flaunt yourself to the world. It’s a handy machine that helps you get to very distant places on those rare occasions that you are too much of a wussypants to bike there.”
Mr. Money Mustache is on the extreme end of frugality. From his perspective, you should live close enough to work where you could bike there. You wouldn’t need a car at all. Of course, you most likely will need a car. But following his example, do you really need a fancy one?
The Ramit Sethi Method of Car Evaluation
While I call this the Ramit Sethi method of car evaluation, it’s really the method of buying anything expensive that he discusses in his book I Will Teach You To Be Rich.
The theory is as follows: As long as you are maxing out your retirement accounts and have enough money to cover your living expenses, you should be able to buy the extra things that make you happy. Whether that’s fancy dinners, expensive clothes, or even cars.
As a physician, you should easily be able to save 20-30% of your income. That’s enough to max out your retirement accounts with plenty left over for living expenses and extra things. Following this method, if buying a $147,000 BMW i8 “because doors and plug in” is what you want, go for it.
The Average Doctor Method of Car Evaluation
Finally, let’s talk about a different, third way of evaluating whether or not to buy a car. Since this is my method, let’s call it the average doctor method of big purchase evaluation.
I definitely lean more toward Ramit Sethi than MMM, but I differ in one major way. I am working toward Financial Independence (FI). You may have also heard of this as Financial Independence/Retire Early (or FIRE).
I want a Tesla, or a BMW or a Bugatti. But more than a luxury brand car or expensive clothes, I want to be able to not need to go to work.
That means instead of spending that extra $20,000 on the luxury car, I would take that money and put it into investments. Investments that will grow, compounding over time, and eventually be enough to fully support my lifestyle without needing any further income.
What about you? Do you think all doctors should drive luxury cars? How do you approach big purchases like buying a new car? Let me know in the comments below.
I’m a medical student, and I see some fortuners and Everest’s packed out by our lecturers who are medical doctors, so I always wanted get a range Rover evoque, but if I don’t, it’d because I learnt from your evaluation.