Thanks for sharing data. I suspect this effect is heavily stratified across demographics.

After a point, how much someone chooses to spend on their car is about their values more than their wealth.

I once lived in a street with many parked cars worth almost as much the houses of their owners. They were clearly bought (well, financed) as status symbols. I now live in a more affluent, desirable area where the cars are much more modest despite higher wealth and social status of their owners (doctors, scientists etc).