It is a vehicle, which takes you from A to B, which is the primary reason of buying a car for most people.
Buying that 5 acre McMansion will also be lovely but I won't do it now as it will hamper my investing career.
Depends what one enjoys more, financial freedom asap or a flashier car. Ironically a flashier car might work like an open parachute to the other vehicle (property investing). The additional cost of one flashier car can mean a deposit for another IP, which after one property cycle could mean $250k in the bank, or achieving financial independance 5 years earlier. Take your pick.
Who doesn't love brand new flashy cars? But it boils down to one's priorities and passions. For me, if given a choice between a slightly newer model and an extended world tour, I'll pick the latter. Doesn't mean I drive a bomb either, perfectly decent car which does the job it's made for.
A new flashy car comes at a price, and a pretty hefty price, especially for a person who understands money, which I assume all property investors do. But if it is a passion, go for it. That's what we are in property investing for. Or better, try to strike a balance.