In this paper, a new car-following model is proposed by considering multiple drivers’ desired velocities. The effect of multiple drivers’ desired velocities on traffic stability is analyzed through linear stability theory and nonlinear reductive perturbation method. The neutral stability curves depicted in the headway–sensitivity space reveal that the current driver’s desired velocity can enlarge the stable region but the preceding driver’s desired velocity will shrink the stable region. Nonlinear analysis shows that the propagating features of traffic density waves can be illustrated by the kink–antikink soliton of the mKdV equation. Numerical simulation is also carried out to check the theoretical analysis. All the results indicate that the preceding driver’s desired velocity is negative in stabilizing traffic flow but the current driver’s desired velocity is positive and this should be considered in real traffic system. However, the driver’s desired velocity in the new model is not calibrated with actual traffic data. Also it is believed that the driver’s desired velocity cannot be the same for different road densities. So the calibration of driver’s desired velocity under different real traffic densities is our follow-up work.