How can you factor in the aspect that a cool car might impress someone who might get you a better job? Or it allows you to "look the part" and "fake it till you make it"? People sometimes rent cars and watches and suits to appear higher class when talking to potential investors or other business partners.

Having a better house might allow you to invite more people over for parties or dinner, which can have downstream effects in your social mobility and status.

If you can keep up with the Joneses and chit chat about your vacation to some nice place, it may allow you to become an insider in some group.

At least that's the "logic" (even if subconscious) to chasing status symbols. Though very often it fails because faking it is hard and you can easily be clocked as a tasteless tryhard. But if you don't take too large steps up, you might get away with it and reap the social benefits.