He didn't say people make decisions that aren't cost effective. He said they only buy things that aren't minivans or economy cars out of vanity.
A 3 series provides tangible utility that a Camry does not. A truck provides tangible utility that a minivan or sedan does not. Whether any of us values that utility enough, or thinks someone else will use it enough, is irrelevant.
If someone has 3 kids, never needs to tow, never goes offroad, doesn't know anything about handling, doesn't care about interior quality . . . but buys an X5 because they "refuse to drive a minivan" or just have to have a luxury brand. THAT's vanity. Which btw, is fine too.
A 3 series provides tangible utility that a Camry does not. A truck provides tangible utility that a minivan or sedan does not. Whether any of us values that utility enough, or thinks someone else will use it enough, is irrelevant.
If someone has 3 kids, never needs to tow, never goes offroad, doesn't know anything about handling, doesn't care about interior quality . . . but buys an X5 because they "refuse to drive a minivan" or just have to have a luxury brand. THAT's vanity. Which btw, is fine too.