I don’t buy the status symbol thing. You buy a car like that for what you can do with it when no one else is around. When there are people to see you driving it, it’s going to waste. (Except at a track day, but you’re really unlikely to have the flashiest car at a track day, even with a Porsche).

Skiing requires skis. Hiking requires boots. Photography requires a camera. Driving requires a car. Sure you can do all of those activities much more cheaply, and spending will not automatically improve your skills or enjoyment, but when you are really into something there is a certain very real pleasure in using excellent gear. It’s not social status, in fact it often costs social status and stresses relationships to nerd out about your hobby that way.