Indeed, and that's why I was careful to say "most." There certainly are legitimate needs for fancier vehicles. But I'd guess 95% of personal vehicles purchases go beyond what the buyer needs. Which is totally fine!
This applies to all the vehicles. Most of the people own cars that they actually need, and 95% of the time, their needs would be satisfied with much smaller, simpler and cheaper cars.
Don’t discount that a big part of the “utility” of a vehicle purchase for many people is the emotional and/or status part of it. One interesting business example is a cohort who travels a lot on business and bought a $65k truck as a commuter vehicle for sales work. A $15k hatchback would have worked but their clientele attached a lot of status to a big ol’ fancy ranch truck.
Not saying it’s rational but like you said, there’s a lot of different dimensions to utility
It doesn't really matter what people actually need. What matters is what they think they need. Few people are coldly logical about big purchases like cars.
If you truly need it every weekend, that's a very legitimate reason to buy such a vehicle, if you can't afford the money/room for a smaller commute-friendly vehicle, or similar reasons.
I'm talking about the people who maybe need it once or twice a year, or like to imagine themselves needing it, when in fact they really don't.
It's easy to understand why people overextend themselves on vehicle purchases that they really can't afford:
One is to feel "safer" in having a newer vehicle, especially if it's still under warranty.
The second is simply peacock presentation of showing they've spent more money than you'd think they could afford otherwise.
I guess some might simply be a mega-fan of a particular car model and go for it even when it's outside of their financial means, but I haven't seen that very often out of people in average income brackets.
Definitely. Also, getting a new car that prioritizes reliability is a smart move as well. The author didn't do this though. A nice(imo) new car can be had for less than ~$25k and his $40k tells me he wanted something a little more flashy. I agree these overextended purchases usually come down to someone's ego getting in the way. A direct consequence of our "what you buy defines you" culture.
Some people obviously have a genuine need for a larger vehicle. Those people usually don't spring for the blingmobiles.
To a lot of people, their cars and or other material belongings are outwardly visible extensions of their (imagined) personality, and signifiers of wealth to their peers. It's just a different set of values.
Personally I absolutely love cars. Not for any status or macho identity, but for the mechanical intricacies and neat design ideas. I am much more interested in a 1970s Opel Kadett than a big new Mercedes or something. I enjoy the act of driving, not the idea that "I am driving something expensive that other people desire".
Have you considered cycling instead of walking? It's cheap and there are so many opportunities to geek out over neat ideas.
I think that most car buying is motivated by far far more than delivered value. There's so much status and image wrapped up in cars that thigh there are some who care little about the car, nearly everyone chooses something that fits their perception of themselves.
The reason that there are so many super-expensive pickup trucks on the road is not because people are hauling around things that require a pickup, for example. And when combined with the face that pickup beds are becoming increasingly useless...
This is a fantasy. In general, people don't want a shared vehicle. If they did, everyone would own a 5-year-old Toyota Camry, and not luxury pickup trucks, sports cars, Mercedes and BMWs, etc.
The idea that these people are just sheep blinded by marketing is ludicrous. You might spend $5 on a beer instead of $4 because of marketing. You buy a $60,000 new vehicle over a $15,000 used one because it's a good product that you actually want.
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