This anecdote is so worn and tired. If I hear about Warren Buffets Corolla or whatever the fukk he drives one more time....
I live in one of the most expensive counties in the country. I see 50+ $100k cars a day (not an exaggeration). I see more Bentley's, Rolls, McLarens, 911s, Tesla 100Ds,M6s, GWagons, S63/65s, Range Rovers, Masseratis, Ferrari's and Lambo's in 1 weekday morning than most people see in a year.
A lot of them are tax write off company leases, sure...but just as many are not. Wealthy people blow money on cars just the same as regular people. It's just that they have better accountants and the car notes aren't eating up a big percentage of their income.