A car is not an asset, but a liability. It doesn't generate money, it costs money.
If your 8-year-car is going to make you substantially more money than a cheap car that maybe doesn't require you to take a loan, you have a point. But since cars are about to go from A to B and the status symbol itself doesn't pay for anything, a cheaper car would do.
Unless you consider the status utility worth paying for. Some people think it is. I think they're wrong, but who am I to say how they spend their money?
Why do people by expensive clothes that are no better than clothes a fraction of the cost?
There’s evidence that people make decisions about others based on their clothing, even when directly informed not to during studies, so it appears there might be some utility in more expensive clothing.
If your 8-year-car is going to make you substantially more money than a cheap car that maybe doesn't require you to take a loan, you have a point. But since cars are about to go from A to B and the status symbol itself doesn't pay for anything, a cheaper car would do.