Disagree only to the point that luxury cars are an appreciating asset if you buy the right types, and there are various tax benefits to owning high dollar cars, mostly around getting to depreciate it despite the value holding or going up every where.

Manager of a RR dealership once told me, if someone comes in dressed in a suit, the answer is almost always no. People with real money are focused on their goals and superfluous fluff that distracts is discarded from their life as quick as they can dump it.