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Welcome to the latest episode of the Physician Cents Podcast, where we explore complex financial topics tailored specifically for physicians. Whether you're a medical student, resident, fellow, or attending physician, you're going to find valuable insights that can help you increase your financial IQ, further your financial journey, and improve your overall well-being. Hosted by Chad Chubb and Tyler Olson, let’s dive in!
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As physicians, we’re no strangers to balance: work-life balance, figuring out how to balance a busy schedule with family time, and — you guessed it — balancing finances. One of the big-ticket items that often pops up is deciding whether to lease or buy a car. More often than not, we’ve seen this question tossed around more than a few times, especially among our peers in the medical field. It's a bigger deal than just a "car decision" — it touches on safety, family needs, financial priorities, and personal preferences.
In today’s post, we’re exploring whether physicians should lease or buy their vehicles and what factors should weigh in on the decision-making process. Spoiler: there’s no “right” answer, and that’s okay. It’s about making the best decision for you and no one else. To frame things, we’ve pulled key conversations and lessons from our podcast to bring clarity to this question. Check out our podcast here for the complete scoop:
Hands down, one of the most common financial questions we hear from fellow physicians is whether they should lease or buy a car. We get it — cars are a big expense. What makes it even messier is the mixed messaging online. Whether it’s finance blogs swearing that leasing is “throwing money away" or anecdotes about people driving the same car for 15 years...it can get confusing quickly.
We can say with confidence that there’s no one-size-fits-all answer. The decision to buy or lease depends on several factors, including cash flow, your debt-to-income ratio, lifestyle, and even family dynamics.
Tyler actually brought up this topic early when we first brainstormed about creating Physician Cents. Seeing it pop up repeatedly on platforms like Twitter, we quickly realized that many doctors — from residents all the way to attendings — struggle with figuring out which option is better. The fact that it remains one of the most common questions in our field speaks volumes to how many factors come into play with this decision.
We believe the core of this decision boils down to personal values. What do we prioritize? Many people (especially physicians) often look at these decisions from a pure optimization standpoint — how can we save the most money? No doubt, money’s important, but we’re also humans with individual preferences, not spreadsheets.
For some, having the newest, safest vehicle on the road matters a lot emotionally. For others, establishing long-term financial independence is the top priority, even if it means driving the same car for years. And honestly? There’s room for both. It depends on what you, as a physician and an individual, value most in life.
Speaking from personal experience, Chad isn’t a “car person.” You know, one of those people obsessed with horsepower, engine type, or the latest luxury features? Yeah, that's not him. Chad’s focus is his family, so his vehicle choices reflect that. For over a decade, his family relied on just one vehicle to get around. He even biked at times — that is, until they moved to Tampa, where summer heat demanded a second car!
His perspective is clear: with three young children, having a safe, reliable, and relatively new vehicle is the priority. That’s why leasing his family vehicle every few years makes sense. Kids destroy cars. If you have kiddos, you know this already. The spills, snack crumbs, unidentified messes...it’s an ecosystem back there. As far as Chad's concerned, by leasing, his family gets to exchange their well-worn family car for a shiny new — and most importantly safe — vehicle every three years.
In Chad’s household, long-term savings come from other areas, while leasing ensures the flexibility and safety his family needs. If safety upgrades are available every few years, why miss out?
Like Chad, Tyler isn’t in love with cars for their own sake — nor did he ever plan it that way. Back in the day, he bought his first car, a 1995 Honda Accord, and, well…he spent money making it loud and “Fast & Furious” ready. If you saw it, you’d probably laugh out loud. What he didn’t spend money on? High-quality tires. That’s a lesson that would come back later once the novelty wore off and safety became much more of a priority.
Now, Tyler focuses more on what matters: practical, safe, and reliable rides. It’s the journey of many physicians as we mature — we grow less concerned with appearances and care more about functionality and security. Today, Tyler evaluates his vehicle choices based on his family’s needs and long-term goals.
Interestingly, while he leans on the buying side for a personal vehicle, leasing might not be a bad option for many because of changing tech, cost variables, and individual priorities.
It’s easy to fall into the trap of thinking there’s a “right” or “wrong” answer when it comes to leasing vs. buying. We’re here to say there simply isn’t.
Sure, some finance experts are ready with their formulas and “this is exactly what the book says” approaches. But those one-size-fits-all recommendations often fail to take into account personal preference, lifestyle, and unique family circumstances. For example, many residents working grueling schedules would probably lease if it gave them more peace of mind about their car breaking down in the middle of a shift.
Simply put? What’s right for someone else may not be right for us. Envelope budgets are great — but not when they don’t meet the needs of our lifestyle or family.
Leasing often gets a bad rap, but it’s not all bad news. For plenty of physicians, leasing makes a lot of sense. Let’s break down the pros and cons, as they pertain to people in our field:
On the other side of the coin, buying a car certainly has its own set of perks… but it’s not without drawbacks either. Let’s dig in:
Here’s the thing — physicians earn a higher-than-average income, but it doesn’t mean we’re immune from debt or cash-flow concerns. Medical school loans, home purchases, child-rearing expenses — all these commitments also deserve part of our monthly income pie. That's why debt-to-income ratio matters.
We generally recommend keeping all debts — including our mortgage, student loans, and car payments — under 36% of gross income. By staying under that threshold, we make sure no single expenditure becomes a financial weight we struggle to bear later. It’s also a key metric to help decide whether we can afford to buy that dream car or lease it for a few years first.
Any time families are involved, especially kids, the conversation goes beyond simple dollars and cents. Family-focused physicians — particularly those with young children — should factor in a car's capacity and safety features.
Chad’s strategy of leasing his family vehicle every few years ensures his family always rides in a car equipped with the best safety features. There’s peace of mind knowing his kids are safe, even if they’re creating mini-disasters of snacks in the back seats.
On the other hand, Tyler’s journey reflects long-term ownership. His reasoning? He plans to drive his vehicle for ten years, all the while saving up for the next car. It works for his family setup and finances.
In modern cars, maintenance isn’t just about oil changes and tires anymore — it’s about intricate software. As cars become essentially mobile tech hubs, maintenance costs have soared. For physicians with jam-packed schedules, being tied to constant mechanic visits isn’t an option.
That’s why we recommend looking at leasing. When the worst happens and repair costs hit, it’s often covered by the lease agreement. Chad mentioned a situation where his brake system nearly gave up, in which his dealership took care of everything -- no sweat. For physicians? Less stress, less time wasted.
So, if we’re pulling in after a long shift at the hospital and see all the fancy cars in the parking lot… chances are, most of us might think they have it all figured out. But do they? Peer pressure should never drive our decisions. Our financial stability and well-being come first.
When making decisions, the question isn’t which car, but why the car. Will having that luxury sedan make us feel fulfilled, or are we simply following the crowd? Only we can answer what we value most.
Physicians are busy. We’re balancing families, work, and personal lives. So when it comes to leasing or buying a vehicle — the truth is, there’s no “right” answer. If we break it down to the basics, it boils down to what best fits our lifestyle, family situation, and financial goals.
Whether we lease or buy, we’ll rarely look back and wish we did it differently… because we’ll know we made the best possible decision based on what mattered to us at the time.
The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don’t expect!) about a sponsor, please let us know. We call it the “best of the best” for a reason, and we will maintain that standard for our listeners & viewers.
This information is for general purposes only. This information is not intended to be a substitute for specific professional financial, tax, or legal advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.
Wealthkeel’s Advisory Services and Financial Planning offered through Vicus Capital, Inc., a Federally Registered Investment Advisor. WealthKeel LLC, 615 Channelside Drive, Suite 207, Tampa, FL 33602 -- 267.590.9533.
Olson Consulting LLC, Offering Advisory Services and Financial Planning, is a State-Registered Investment Advisor.
A podcast designed specifically for physicians, offering a breakdown of complex financial topics to help you develop your financial IQ, further your financial journey, and improve your well-being. Whether you're a medical student, resident, fellow, or attending physician, you're sure to learn something new that will benefit your journey.
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