That's funny because (as a rich American) Peavey amps were known for being inexpensive, but LOUD. When you're a 14 year old guitarist and you need big volume without big bucks, you go Peavey.
Rich kids got Marshall. Or Mesa Boogie.
Rich kids got Marshall. Or Mesa Boogie.
Interestingly enough, another guitar amplifier company that could be considered VERY premium started in a very similar way: modifying and building their own gear just out of frustration with (back then) existing gear and lack of money: http://diezel.typo3.inpublica.de/history.8.0.html
Actually, Boogie did too: http://www.mesaboogie.com/US/Smith/our_story.html