For the very wealthy.. If you show enough interest in something to make signaling purchases, it's expected to be "up to snuff" .. this can mean very very high expense or high esotericness.
So that might mean a $200k sports car, or it might mean some uncommon though inexpensive limited production vintage vehicle even though it may be of reasonable price, the time & effort you took to acquire & maintain it is a signal of taste.
Otherwise you'd be better off signaling complete disinterest with a very vanilla middle of the road options.
On menswear I think to your example, you could say you'd be better off not wearing a suit than in wearing a $200 Men's Wearhouse suit. To that end, these days, the type of people you tend to see in suits are either security / front desk staff or very senior corporate executives. Those in the middle have enough labor negotiating power to not be required to wear a suit, but probably not the desire/wealth to spend $2k on a properly tailored suit.