As I once heard it stated, people will spend oodles of money on things they don't need or even want in order to impress people they don't like -- I think that actually sums it up!
In my younger days, I spent a few years living in England. There was a guy who used to stop in at the country pub in Derbyshire where I worked who was from the true Upper Class -- in short, his family had been landowners since the 11th century, and he and his family were crazy rich only because they descended from some French knight who'd come over with William the Conqueror, and money and land had literally been passed down for 1,000 years.
This guy would dress in clothes that looked like he found them at a second-hand shop and he drove an old Vauxhall (the British subsidiary of Chevrolet). The only thing that would make you think this guy was wealthy was that he lived in an old manor house by himself. This guy made made me understand the difference between Old Money and New Money.