Because they can, and because they want to. If a $50,000 car is 200X your income, that's one thing...if it/s 1/20 your income, it makes the [emotional] decision much easier to rationalize.

Further, that $50k is being more and more hidden in things like low-mileage leases, so it doesn't FEEL like that...it only feels like $400 a month and you get a new car in 3 years...but nothing to show for it after the fact.