any thoughts on getting a luxury car while an intern

[myrandom2003]

anyone think it would be a bad idea to get i nice entry level luxury car like an infiniti g35 or lexus IS, or even a bmw 330 while an intern?

Will the other interns/residents/attendings be a little harder on u?

just wondering if i should wait

---

Members don't see this ad.

 

[Solideliquid]

anyone think it would be a bad idea to get i nice entry level luxury car like an infiniti g35 or lexus IS, or even a bmw 330 while an intern?

Will the other interns/residents/attendings be a little harder on u?

just wondering if i should wait

I say no. Here is my situation, I have a car that I do not pay for, but now that Im starting residency my wife is going to need her own car. The question is what to get her? I thought about a 330 or a lexus...but your monthly payment will be around $450 a month unless you have a lot of cash around for a downpayment. Now if you have two incomes that could be a possibility but still you want to shoot for a 250-350/month lease.

And as to your question about other residents, I hope not! My car is a $40K Touareg, and while I know most residents drive old clunkers it shouldn't be a big deal. My family isn't rich but they have money, and so do my inlaws, and I'm sure there are residents out there (trustfund babies) who drive the upper level benz it wouldn't bother me.

 

[cchoukal]

I guess if you have the money, there's no reason not to, but by "having the money" I don't mean barely squeaking by and squandering your last precious disposable dollars on a depreciating financial liability. Instead, I mean:

after putting a bunch of money into things that appreciate like a home, 401k, disability insurance (particularly if you're in a hands-on specialty), paying for offstreet parking at home and work so your $40K car doesn't get the shiat beaten out of it, if you still have 600-800 a month to burn for payment and insurance, go for it! If you meet all those conditions, I wouldn't let someone's envy get in the way.

 

[lxa1856]

Are you kidding me? If you're worried about one of those being considered 'too nice' of a car, you must not get out much. I'm just a 4th year and friends and classmates of mine drive the following - A 2005 M5, a 2005 Range Rover, a 2004 Z06 Corvette, a 2003 Viper, several 330 Ci's and a new M3, a couple of CLK 430's, a 2006 Audi A6, too many to count new loaded Z71 Tahoes, a new E-class, and oh yeah, two kids have 2004 or newer 911 Turbos. (And this is before graduation, when I'm sure a few shiny new cars with bows on them will show up in driveways)As well, there are the requisite complement of ancient Honda Civics, Accords, and assorted small Nissan and Toyota products

That being said, enjoy your new ride. If anyone turns a nose up at your for driving one of those (go for the BMW), I wouldnt' worry about it.

You've worked hard, live it up. No need to take a vow of poverty when you get your MD.

 

[CNphair]

(And this is before graduation, when I'm sure a few shiny new cars with bows on them will show up in driveways).

And I thought getting taken out to a nice dinner was all I could ask for...I might try the "I want a shiny new Benz" line, just to see my parents reaction.

 

[OUsooner]

Are you kidding me? If you're worried about one of those being considered 'too nice' of a car, you must not get out much. I'm just a 4th year and friends and classmates of mine drive the following - A 2005 M5, a 2005 Range Rover, a 2004 Z06 Corvette, a 2003 Viper, several 330 Ci's and a new M3, a couple of CLK 430's, a 2006 Audi A6, too many to count new loaded Z71 Tahoes, a new E-class, and oh yeah, two kids have 2004 or newer 911 Turbos. (And this is before graduation, when I'm sure a few shiny new cars with bows on them will show up in driveways)As well, there are the requisite complement of ancient Honda Civics, Accords, and assorted small Nissan and Toyota products

That being said, enjoy your new ride. If anyone turns a nose up at your for driving one of those (go for the BMW), I wouldnt' worry about it.

You've worked hard, live it up. No need to take a vow of poverty when you get your MD.

I got a bmw 3 coupe here - an '01 w/ 82K on it. Looks great w/ a few mods. I have had it for 5 yrs now and I realize I'm about to start paying a bundle for maintenance. Where the he!! do you go to school? I catch the occasional H2 and a few bmw and merc coupes at our school but you sound like you play for the Duke lacrosse team.

Oh and if I could afford a new ride I'd get one in a heartbeat but making 38,500 in Chicago leaves me no cash for a car, muchless a nice car. What does everyone else here drive? Any gremlins?

 

[tridoc13]

What does everyone else here drive? Any gremlins?

1999 Honda Accord. The thing has never once broken down and it better stay that way for another 3 years. With $250K+ in loans, I won't be looking to buy again for a while!

 

[DOtobe]

What does everyone else here drive? Any gremlins?

2000 Dodge Stratus. Other than two dead car batteries (two batteries in 6 years... ), I haven't had any problems.

 

[yaah]

anyone think it would be a bad idea to get i nice entry level luxury car like an infiniti g35 or lexus IS, or even a bmw 330 while an intern?

Will the other interns/residents/attendings be a little harder on u?

just wondering if i should wait

Just get the car you want. They may razz you a bit but **** em. It's their problem, not yours. Everybody spends money on something. Some buy a nicer place to live, some buy lots of clothes, some spend it on travel.

 

[APACHE3]

Single..get whatever you want, you deserve it.

married- I bought a 2006 Honda civic (Motor Trend Car of the Year)for the wife and kids and I'm keeping my 1990 Mitsubishi Gallant with 175,000 miles until I finish residency...then I'l probably go with an Acura TL!!! (have you seen those? they're sweeet!)

 

[mysophobe]

You can get a 330 for 39-40k. That's not ridiculously expensive.

 

[DW3843]

sounds like somebody must go to Newport Beach Medical School

1995 Ford Explorer here.....yes, 1995....as in well over a decade old

The best part: my dad is the GM of a Hummer dealership. Thanks for nothing! (I'm working on him though. He will cave soon.)

 

[jashanley]

Are you kidding me? If you're worried about one of those being considered 'too nice' of a car, you must not get out much. I'm just a 4th year and friends and classmates of mine drive the following - A 2005 M5, a 2005 Range Rover, a 2004 Z06 Corvette, a 2003 Viper, several 330 Ci's and a new M3, a couple of CLK 430's, a 2006 Audi A6, too many to count new loaded Z71 Tahoes, a new E-class, and oh yeah, two kids have 2004 or newer 911 Turbos.

Dude, what school do you go to?
Gotta love when the students have better cars than the attendings and residents.
I have you all beat so far. 1993 Honda Civic, 121,000 miles and running like a champ. I'm going to finish residency with it. I'm sure someone out there has a older (crappier) car than me.

 

[tRmedic21]

sounds like somebody must go to Newport Beach Medical School

1995 Ford Explorer here.....yes, 1995....as in well over a decade old

The best part: my dad is the GM of a Hummer dealership. Thanks for nothing! (I'm working on him though. He will cave soon.)

Running a 92 Nissan 240sx right now. yep, 15 years old. It's gettin' pretty ragged by now, got about 152k on it. Engine is great, but the interior and exterior are about shot....<sigh> No idea when I'll be able to get something decent.

 

[Gfunk6]

'94 Honda Accord. I'm praying it holds up through intern year.

 

[myrandom2003]

as of now, i drive a 97 4runner with a few dings...i have my front left turn signal held in place with duct tape, not a lot of it, but its still duct tape, and the antenna doesnt go all the way up... other than that its a work horse, rides great, runs great, but drinks gas like a motherfu**er...

though i did see an early camry with the jag symbol glued on the hood in the parking lot...

 

[tRmedic21]

as of now, i drive a 97 4runner with a few dings...i have my front left turn signal held in place with duct tape, not a lot of it, but its still duct tape, and the antenna doesnt go all the way up... other than that its a work horse, rides great, runs great, but drinks gas like a motherfu**er...

though i did see an early camry with the jag symbol glued on the hood in the parking lot...

Wow! You have an antenna?!?! Mine's been broken off for years! lol That's ok, I suppose, I did manage to buy my wife an '02 Taurus on a credit card, so at least she and my son are relatively safe and secure when driving...

 

[DW3843]

though i did see an early camry with the jag symbol glued on the hood in the parking lot...

hahaha

There's a sick late 90s Chevy Blazer that I see every once in awhile. It has a sparkly purple paint job and some low-rent "rims." The funniest part is the gigantic Cadillac symbol on the back gate and an Escalade decal on the driver and passenger doors.

I notoriously refer to it as the Esca-Blazer. Hands down one of the funniest rides I have ever laid eyes on

 

[cchoukal]

I came to chicago w/ a 1992 Honda Accord that I loved dearly. Sold it with 165,000 miles for a 2002 Civic that I realized after a month that I hated and didn't fit in very well. I traded that in for a 2006 Mazda3 with the bigger engine. So far it seems pretty nice.

For those of you saying you can get a payment of 400-500 on a $40K BMW, You can go to

http://www.choosetosave.org/calculators/

and see exactly what your payment would be at a given interest rate. For a $40K car with a small trade in and small down payment at 5%, it's about 800/mo.

 

[edmadison]

You can get a 330 for 39-40k. That's not ridiculously expensive.

Well it is if you only make 38,000 per year.

Ed

 

[Blade28]

Too expensive, I say.

 

[3dtp]

I say no. Here is my situation, I have a car that I do not pay for, but now that Im starting residency my wife is going to need her own car. The question is what to get her? I thought about a 330 or a lexus...but your monthly payment will be around $450 a month unless you have a lot of cash around for a downpayment. Now if you have two incomes that could be a possibility but still you want to shoot for a 250-350/month lease.

And as to your question about other residents, I hope not! My car is a $40K Touareg, and while I know most residents drive old clunkers it shouldn't be a big deal. My family isn't rich but they have money, and so do my inlaws, and I'm sure there are residents out there (trustfund babies) who drive the upper level benz it wouldn't bother me.

O you poor barstid! You gotta VW? I got one too. 97 Passat TDI. Been a problem since it was new, now has 293k miles. Need it to make it through next summer. Except for the engine/tranny it is the worst car I have ever owned. 86 Camry is its backup, 360k miles has given me zero trouble. After the third door handle broke off I was getting fuel when a brand new Toureg rolled up to the pump. The owner looked at my door handle shook his head and told me the same sad tales. VW is a buy one once kind of car. It's sole redeeming feature is that it gets reliably 50 mpg and has a 19 gallon tank.

As for the fancy car, heck with it. Buy a plane, my other car is a Cessna. It goes faster and higher!

 

[penguins]

1999 Honda Accord. The thing has never once broken down and it better stay that way for another 3 years. With $250K+ in loans, I won't be looking to buy again for a while!

1999 Toyota Camry - just get the oil changed and one new set of tires. I will drive it 'till the engine falls out.
I would rather have a pretty house, more power to those who can drive something shiny.

 

[lateness]

Are you kidding me? If you're worried about one of those being considered 'too nice' of a car, you must not get out much. I'm just a 4th year and friends and classmates of mine drive the following - A 2005 M5, a 2005 Range Rover, a 2004 Z06 Corvette, a 2003 Viper, several 330 Ci's and a new M3, a couple of CLK 430's, a 2006 Audi A6, too many to count new loaded Z71 Tahoes, a new E-class, and oh yeah, two kids have 2004 or newer 911 Turbos. (And this is before graduation, when I'm sure a few shiny new cars with bows on them will show up in driveways)As well, there are the requisite complement of ancient Honda Civics, Accords, and assorted small Nissan and Toyota products

That being said, enjoy your new ride. If anyone turns a nose up at your for driving one of those (go for the BMW), I wouldnt' worry about it.

You've worked hard, live it up. No need to take a vow of poverty w

hen you get your MD.

your school must be at the upper if not top most expensive areas to live in the country b/c that is not the average for residents much less students.

 

[Solideliquid]

O you poor barstid! You gotta VW? I got one too. 97 Passat TDI. Been a problem since it was new, now has 293k miles. Need it to make it through next summer. Except for the engine/tranny it is the worst car I have ever owned. 86 Camry is its backup, 360k miles has given me zero trouble. After the third door handle broke off I was getting fuel when a brand new Toureg rolled up to the pump. The owner looked at my door handle shook his head and told me the same sad tales. VW is a buy one once kind of car. It's sole redeeming feature is that it gets reliably 50 mpg and has a 19 gallon tank.

As for the fancy car, heck with it. Buy a plane, my other car is a Cessna. It goes faster and higher!

*shakes head*

Well, I lease my cars, when you factor in the amount you will spend over time in repairs and time lost it's just not worth it. I love warranty.

 

[Jalopycat]

I bought a black 2006 Honda Accord Coupe about 3 months ago after I got tired of having to check the fluids everyday in my 12 year old Camry. I love the Accord! I bought the navigation system/XM radio option. The navi was so awesome during interviews when I was driving around in a strange city. If you buy a new car, definitely get one with a navigation system if you can afford it.

The accord isn't really a luxury car, but it's the nicest car I've ever had. With leather interior and 244 hp, it feels like a luxury car and I have no regrets.

 

[deleted4401]

I think it's frivolous, but if you are into cars, no one is going to say anything. Too many interns/residents have daddies and mommies that are doctors, and their hand me downs are just as nice.

It's hard to figure out who drives what, though. Our parking garage is massive. I know what my friends drive, but the other 90%, I have no idea.

-S

 

[Mumpu]

Oh for heaven's sakes please don't be another doctor with a BMW. It doesn't scream "I know nothing about cars" as much as a Mercedes but you are still getting that vaunted German lack of build quality, fritzy gizmology, and fragile mechanicals. Plus with the new Bangle-ized styling you'll look like you bought a 40 thou Aztec.

 

[Solideliquid]

Oh for heaven's sakes please don't be another doctor with a BMW. It doesn't scream "I know nothing about cars" as much as a Mercedes but you are still getting that vaunted German lack of build quality, fritzy gizmology, and fragile mechanicals. Plus with the new Bangle-ized styling you'll look like you bought a 40 thou Aztec.

mmmmmmmmmmmmm gizmology

 

[tridoc13]

For those of you saying you can get a payment of 400-500 on a $40K BMW, You can go to

http://www.choosetosave.org/calculators/

and see exactly what your payment would be at a given interest rate. For a $40K car with a small trade in and small down payment at 5%, it's about 800/mo.

Great website! I'm going to hold on to this one. Thanks for the tip!

 

[Solideliquid]

Great website! I'm going to hold on to this one. Thanks for the tip!

That's if you finance. Go for the lease it's cheaper.

 

[Mumpu]

But not really cheaper, is it? Leasing is like renting an apartment -- you are always paying and you get nothing in return. Why don't you just call up some car rental place and skip all the dealer hooplah?

 

[DD214_DOC]

Interesting. I plan on buying an, "I've always wanted one" car once I begin school in August, but I am in an entirely different situation. My wife makes decent money and I'm on HPSP, so I will get decent money during both school and residency.

Of course, my ass now belongs to Uncle Sam ...

 

[Solideliquid]

But not really cheaper, is it? Leasing is like renting an apartment -- you are always paying and you get nothing in return. Why don't you just call up some car rental place and skip all the dealer hooplah?

Well, I happen to disagree. To ME (IMHO) buying a car is not worth it. It's not like buying a home. When you drive off the lot, well there goes 30% of the value in a second. Also after 5 years or so the car doesn't perform as well in most cases and after warranty goes out you have to put in lot's of resources in repairs. This is an example of at least a $30K car, not a Neon.

That's just me, I like a new car ever 3-4 years without the hassle of selling and I love the no-hassle return the car after lease expires no questions asked.

EDIT: Plus what's the point of owning, you pay almost twice as much as a lease for 4-6 years, and then you are stuck with a highly depreciated car and by then you are thinking of selling ANYWAY. I love my neighbors method though, he buys a car (over 45K), I guess he finances it or just pays the whole thing with one check.. Then he DRIVES the car until the engine falls out, he has a 10 year old Land Cruiser with like 300K miles. When the engine falls out (lol) he recycles it or gives it to charity. That's the only way I'd buy a car. But I hate driving the same car everyday for more than 4 years I couldn't do it.

 

[OUsooner]

Oh for heaven's sakes please don't be another doctor with a BMW. It doesn't scream "I know nothing about cars" as much as a Mercedes but you are still getting that vaunted German lack of build quality, fritzy gizmology, and fragile mechanicals. Plus with the new Bangle-ized styling you'll look like you bought a 40 thou Aztec.

Love my beemer and have to defend it. What car would u recommend over a bmw (or mercedes)? Lexus??? Acura? They just don't have the same feel in my opinion. I have driven many cars and bmw's are just more fun - their coupes anyway. Lexus has a smoother "old man" ride - my pops buys lexus and loves 'em. That's not for me - yet.
How can you go wrong with an M3 or an M5??? Curious to hear your response.

P.S. I also owned a '95 camaro (sans the mullet) and LOVED it. Was super fast and great for early college years but was breaking down all over the place.

 

[Ruban]

Love my beemer and have to defend it. What car would u recommend over a bmw (or mercedes)? Lexus??? Acura? They just don't have the same feel in my opinion. I have driven many cars and bmw's are just more fun - their coupes anyway. Lexus has a smoother "old man" ride - my pops buys lexus and loves 'em. That's not for me - yet.
How can you go wrong with an M3 or an M5??? Curious to hear your response.

P.S. I also owned a '95 camaro (sans the mullet) and LOVED it. Was super fast and great for early college years but was breaking down all over the place.

I don't drive a BMW and think they are overpriced and unreliable compared with the Japanese marques, but I WILL agree that BMWs have a stellar driving feel that few cars can match. I also admire BMW for offering most of their vehicles with a stick shift and RWD. If price we no object, I'd certainly consider one.

 

[Zummy]

Love my beemer and have to defend it. What car would u recommend over a bmw (or mercedes)? Lexus??? Acura? They just don't have the same feel in my opinion. I have driven many cars and bmw's are just more fun - their coupes anyway. Lexus has a smoother "old man" ride - my pops buys lexus and loves 'em. That's not for me - yet.
How can you go wrong with an M3 or an M5??? Curious to hear your response.

P.S. I also owned a '95 camaro (sans the mullet) and LOVED it. Was super fast and great for early college years but was breaking down all over the place.

I have to agree with OU... BMWs (at least the ones built in the past 4-5 years) are driving MACHINES! They drive amazing. I think the quality is excellent. I've even had a couple of people buy their first BMW after driving my car. Also, their customer service is outstanding. I love my beemer.

 

[DiaHuq]

i must defend the bmw as well, even though i do acknowledge that they are high maintenance and all the stupid sensors are always needing to be fixed the drive is amazing the steering tight and the way it handles curves....love it,
until i can afford the m5, i'll make do with my little minicooper.(just as tight).

before you buy a care though make sure you put some in savings and other stuff. the reason it's called a luxury car is because it is a luxury not a neccessity. so make sure it's a financially stable decision

 

[Koil Gugliemi]

Q: How can you tell the difference between a BMW and a porcupine?

A: The porcupine has the pricks on the outside.

 

[Hurricane]

I love my beemer. I've always driven used beemers. Although the bigger models may be full of lots of "gizmology" the 3 series are very reliable. After 15 years, we finally retired my 325i and got a 2002 model this year. A certified pre-owned (the new euphemism for used) beemer is a good deal. Mine cost the same as my husband's honda cost new, and came with the factory warranty, and three years is nothing on a beemer because if you take care of them they last forever. And they drive like a dream

 

[DOCTORSAIB]

I guess I shouldn't "invest" in a new black 2006 S600 Benz with 22 inch sport rims?

 

[Mumpu]

See, this is the "Car and Driver" approach to car ownership. Who cares what the car is like so long as it's fast and drives nice. I much prefer the Top Gear approach. Drives nice, looks nice, built like junk, here's a better choice.

C/D's brand-new 3-series suffered a catastrophic ABS failure (not bad for the "ultimate" driving machine) at 70 mph and almost sent them flying off the highway, and it repeatedly refused to start. It won the comparison anyway. When Top Gear tested the new M5, they said warning lights started to flash as soon as they began pushing the car a bit. Their conclusion was: fast, fun, but fragile. I forget what they recommended instead but it cost about half the money.

Better options than a 3-series? Easy. Avalon Touring will blow the doors off all but the M cars. So will the Lexus IS350 (and IS300 will keep the pace with more options at $5000-$10000 less money; in fact a V-6 Accord with a stick will keep up with a 330i as well). All of these will be absolutely reliable for the next 20 years and will likely hold their value better.

Solide, after 5 years of leasing at $300/mo you will have spent $18,000. After 5 years of financing I will have spent $18000 and will own an $8000 car, so I effectively only pay $10000 or 55% of what you pay. Sure, your car will be fancier. Which means worse gas milage (adds up a $3/gal), higher registration/taxes, expensive tires, etc., so the gap grows even bigger.

 

[businessmd06]

You can get a 330 for 39-40k. That's not ridiculously expensive.

If you want any options it will be closer to 45-50k for the 330. I have a 04 330ci coupe with the M performance package, cold winter package, and Xenon etc... Lease is 518 a month with 3k down at signing. It's about 47,500 for my ride off the lot back in 2004.

BTW, you only live once, the BMW is amazing get the M performance package, it has 20 more HP than the standard 330, has the M 3 body style, 18 inch wheels, suede steering wheel, and a short throw manual transmision. It essentially is an M3 - about 70 ponies... it is a much better deal and pretty much the same car

 

[curious1]

I find some of the attitudes displayed on this thread a little disheartening, but I should probably have expected that. Go ask your attendings what you should do with the money and see what they say.

Save up for a down payment for a house. Fund your ROTH IRA accounts and your 401ks, up to max, even beyond any match. If you have kids, fund their educational accounts. If you have any other cash left, INVEST IT. You may still need a car to drive around in, fine. Go out and buy a safe 4 year old vehicle for 7-8k.

Doctors salaries' are headed down even while the real world (a place many of us have been insulated from) has become much, much, much more expensive. You do not want to be a 50 year old burned-out physician who is a few paychecks away from bankruptcy, who can't afford to reduce his 48 weeks/year q7 call schedule, and who has no hope to retire before 65-70 because they and their family lived above their means.

The habits you and your family will live with your entire lives, develop now. If you drive an M5 at 26, 27, 28, what is the chance that you will be happy or satisfied in a Honda when you are 40 and your stress level is twice what it is now. If you drive an M5 or similar car, then what kind of car do you think your spouse will feel entitled to? And once you become a parent then you need to carefully examine your consumption patterns, because those patterns will impact your children and their values. Ever seen My Super Sweet 16 on MTV? It's scary.

If you and your spouse will both work and you are fairly sure you want to live in a cheap midwestern city or town, then maybe you can blow your load on a new car. I still wouldn't advise it. Who knows what physicians will make in 10 or 20 years. If you want to live on the coasts or if you want your spouse to have the option to stay home with the kids, then save every penny, YOU WILL NEED IT. Let me share with you the finest piece of wisdom that you will ever read on these boards: You want to be in a position to retire as early as possible, because then you will truly have peace of mind, professional flexibility, and the opportunity to take risks with little downside.

I hope this advice helps at least a few people.

P.S.

This applies to rich and poor alike. Unless your family can write a check for a million bucks to buy you a nice house in a nice area that you want to set up a practice in, then say no to the new BMW, ask for it in cash and put the money to work for you. If you seriously want to use scholarship money to buy a car (like the dude on HPSP) then you need more of a financial reality check than I can provide. Oh and of course, to many people a hotshot physician in a sleek 911 turbo screams out not "success" but rather "sue me"... welcome to reality.

 

[bigfrank]

If you can afford to buy a car (or have nice parents!), more power to you. I'd be cautious about spending too much on a car payment during residency, though.

By the way, I prefer my 2006 Lexus GS 430 to any BMW 5-series. It's not for old foggies.

 

[cleospot]

I have a 1991 Acura Legend with 132K on it. The beemers may be prettier but I laugh when I drive by and see them sitting in the parking lot of the overpriced repair shop....

Plus people on the street still ask me if I want to sell the Acura all the time. I'm hoping it makes it through residency so I can afford to throw on some sweet rims and custom leather upholstery.

 

[Hurricane]

I find some of the attitudes displayed on this thread a little disheartening, but I should probably have expected that. Go ask your attendings what you should do with the money and see what they say.

Save up for a down payment for a house. Fund your ROTH IRA accounts and your 401ks, up to max, even beyond any match. If you have kids, fund their educational accounts. If you have any other cash left, INVEST IT. You may still need a car to drive around in, fine. Go out and buy a safe 4 year old vehicle for 7-8k.

Doctors salaries' are headed down even while the real world (a place many of us have been insulated from) has become much, much, much more expensive. You do not want to be a 50 year old burned-out physician who is a few paychecks away from bankruptcy, who can't afford to reduce his 48 weeks/year q7 call schedule, and who has no hope to retire before 65-70 because they and their family lived above their means.

The habits you and your family will live with your entire lives, develop now. If you drive an M5 at 26, 27, 28, what is the chance that you will be happy or satisfied in a Honda when you are 40 and your stress level is twice what it is now. If you drive an M5 or similar car, then what kind of car do you think your spouse will feel entitled to? And once you become a parent then you need to carefully examine your consumption patterns, because those patterns will impact your children and their values. Ever seen My Super Sweet 16 on MTV? It's scary.

If you and your spouse will both work and you are fairly sure you want to live in a cheap midwestern city or town, then maybe you can blow your load on a new car. I still wouldn't advise it. Who knows what physicians will make in 10 or 20 years. If you want to live on the coasts or if you want your spouse to have the option to stay home with the kids, then save every penny, YOU WILL NEED IT. Let me share with you the finest piece of wisdom that you will ever read on these boards: You want to be in a position to retire as early as possible, because then you will truly have peace of mind, professional flexibility, and the opportunity to take risks with little downside.

I hope this advice helps at least a few people.

P.S.

This applies to rich and poor alike. Unless your family can write a check for a million bucks to buy you a nice house in a nice area that you want to set up a practice in, then say no to the new BMW, ask for it in cash and put the money to work for you. If you seriously want to use scholarship money to buy a car (like the dude on HPSP) then you need more of a financial reality check than I can provide. Oh and of course, to many people a hotshot physician in a sleek 911 turbo screams out not "success" but rather "sue me"... welcome to reality.

Oh please. So we should just hunker down and not enjoy ourselves because the end is nigh?

Everyone has some thing they enjoy. I know other girls who spend the same amount as my car payment on designer handbags and shoes and crap. I prefer to shop at Old Navy and spend my $$ on my speedy little beemer instead, and it makes me happy, and has been factored in to the rest of our financial planning.

 

[Gregg]

1986 VW Quantum Syncro Wagon (only 3000 imported to the US). I bought it for $500 due to body damage, have had it for 3 years now. Runs like a champ. A few body issues, upholstery, but I put in a new radio and keep the fluids changed and do a tuneup each fall. I've spent maybe $1500 in upkeep over the 3 years (new brakes, struts cost the most). That's $500 a year to own the car. Plus, it's a smoother ride than my friend's much more recent Mercedes.

 

[Solideliquid]

Solide, after 5 years of leasing at $300/mo you will have spent $18,000. After 5 years of financing I will have spent $18000 and will own an $8000 car, so I effectively only pay $10000 or 55% of what you pay. Sure, your car will be fancier. Which means worse gas milage (adds up a $3/gal), higher registration/taxes, expensive tires, etc., so the gap grows even bigger.

I said we are not talking Neons here. We are talking 30K+. You can even go as low as 25K but I want to enjoy what I drive and I am hitting the 40K mark now with a VW V6 Touareg priced at $40,000. I lease it for 500/month 48 months.
Cost to finance for 48 months, close to $800/month. And at the end of four years I get a new car, what did the other guy get? A four year old car, no warranty, and a big headache.

 

[hans19]

I drive an 02 Corolla which i bought used. I just put regular gas in it, change the oil and it runs like a dream. Plus you can't beat the gas mileage. I love this car.

Why half-ass it? Its all or none. Why even get an entry-level luxury car? With the payments, insurance and premium gas, I just don't think its worth the fancy hood ornament on a resident's salary-- unless you have an extra source of cash (spouse, parents).

When I make partner I'm planning on having a premature midlife crisis. I've got my eyes set on an Aston Martin Vantage or SL55 for weekends , until then (and even then) I'll keep driving my 'beater' to work.

But to each, his/her own.