Yep, but people wanting new cars they really can’t afford is one of the reasons we have so many people living pay check to pay check, despite some of them having decent incomes. Personally, I don’t buy a car that I don’t have the cash to pay for. I may decide to invest the cash if I can get 0% interest on the car loan, but I don’t use the money I invested to make the payment. My investment grows(hopefully) and when the car is paid off I have even more money to buy another one if I choose to do so, following the same pattern. If the sky fell and I couldn’t make the payment, I could always tap into the car investment fund. This is how I justify spending a lot of money on a depreciable asset. You don’t build wealth buying new cars(with few exceptions), that is for certain.
All this being said, I don’t feel the need to keep up with the Jones’. I drive an old luxury SUV that I bought new many, many years ago. It is still comfortable, has every feature I need and most importantly, is very reliable. An EV is a neat idea, but even though my SUV is not particularly good on gas, it would take me quite some time to recoup the cost of a new EV, especially one that is comparable in size and features.