>I think you are wrong, I live in the UK and people around me drive used BMW x5s and Range Rovers both objectively bad vehicles and not best bang for buck.

Because those used cars are cheap to buy for you in the UK, but there are no cheap used 2CVs yet on the market, so the only customers are those with money.

And those people are chasing status, not fashion. Different things.

How they are “objectively bad”?

> Car are a fashion statement no matter how much or little wealth you have.

Often it isn't a fashion statement, and often people just like that particular car. Some people like Fords, Volvos, Vauxhalls or whatever. They just happen to like them for whatever reason.

I happen to like old Land Rovers because I like driving one. I like the look of them as well, but it isn't a fashion statement. People do come up to me and ask me about my vehicle (because it is still mostly original), but a lot of the time it is curiosity.

I think you're mistaking status for fashion.