Phillips plans to share his windfall by turning the 2013 Ford Fusion over to his parents while he sticks to his trusty 2001 Ford pickup truck, sources said.
The rising singing star will also undergo surgery this week to remove a congenital kidney stone that made its painful presence known during much of the televised competition, a source said.
Phillips had a temporary stent put in place seven weeks ago but it didn't offer much relief, and Phillips' parents reportedly urged him to throw in the towel and have the operation right away.
TMZ said that after the troublesome stone is removed, Phillips will recuperate in style at a Malibu home as the guest of a senior "Idol" executive.
Swim Week Miami Beach 2014 [PHOTOS]