It's about perception, not monthly price. Look at it like this, a 2014 S Class can be bought for about 30,000. A loaded 2018 Camry is about the same price. If both person drove into your driveway, wouldn't you assume the S Class owner is more wealthy? If you don't think so then don't you think majority of the population would think the S Class owner is more wealthy?I personally don't see how anything that is available on a relatively affordable monthly payment plan can be a status symbol. Here, a pack of 20 cigarettes is around £10, so if you smoke a pack per day that's about £300 per month, way more than cost of an X.
A 30k S Class will be a relatively affordable monthly payment. Same applies for the X.
You're giving the general population too much credit. When they see an X they don't see 40 dollars a month payment. The see "he/she got a 1000 phone". When the general public see a 2014 S class, they don't see a 30k car, but a 120k car.