The reason why people buy expensive cars is because it is one of the ways in which they can quickly and quietly signal wealth or status. Cars are classicist, like it or not.
After all, how much better can a $500K supercar be compared to a $50K car? Definitely not ten times better, the speed limits are the same, seating capacity is likely smaller, there may be a marginal improvement in acceleration and a corresponding reduction in range (and increased fuel consumption).
Even having a car / not having a car is a status thing for many people (and it goes both ways, some see not having a car as being 'better' than those that have cars and vice versa, usually dependent on whether or not car ownership was decided from a position of prosperity or poverty).
Some of us just really like nice cars without signaling wealth. I recently bought a Hyundai Genesis even though I liked and could afford the better Mercedes Benz because I preferred to have a non-luxury brand. It's a New England thing.
I went from a two door Hyundai Getz to a Tesla because I wanted an electric car. Not to signal anything. I also couldn't wait for the Model 3 to come to Australia due to a growing family and a 4 door requirement.
After all, how much better can a $500K supercar be compared to a $50K car? Definitely not ten times better, the speed limits are the same, seating capacity is likely smaller, there may be a marginal improvement in acceleration and a corresponding reduction in range (and increased fuel consumption).
Even having a car / not having a car is a status thing for many people (and it goes both ways, some see not having a car as being 'better' than those that have cars and vice versa, usually dependent on whether or not car ownership was decided from a position of prosperity or poverty).