I think people rarely think, 'ok this is my net worth so I will spend so much'.
If that was the case you wouldn't have people worth many millions driving 80K to 150K vehicles, just as those worth a couple of million often do.
In fact I've known a couple of people who were worth next to nothing and they purchased vehicles worth in excess of 100K - one was renting, on a good income and had no assets, so have no idea how he got the loan, and the other conned his parents into giving him a deposit for a home which he spent on a car
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I think most are likely to consider cashflow first and what they are able to repay, and how important a car is to them (over and above a nice, safe, practical car).
When my children were young they would sometimes point out an expensive car and comment that the people must be very rich. I would reply, 'possibly, or they are not rich but can afford the repayments'.
Myself, I prefer to pay cash - up to 15 - 20K. Not having payments means I can save and have close to, if not the available cash when the time comes to buy another car.