There is still a solid analogy between cars and electronics. My Subaru gets me everywhere I need to go, and in relative comfort, good safety, and with decent gas mileage. Buying an equivalent Mercedes, Lexus or whatever won't get me there any faster. One may prefer the looks of another car, or think it more luxurious, like the faster acceleration, or enjoy some of the extra bells and whistles, but none of those change the process of getting from point A to B. And there is also the "status" aspect. Some people associate their personal image and self-worth with the brand names of the objects they buy. That's a basic trait of human behavior that has been around forever -- look at the burial sites of ancient nobility from around the world and the treasures buried with the aristocrats.
The same things applies to audiophiles. For a lot of them, the status of the equipment they buy is just as important as the sound, though that is not to say they won't be telling themselves some stories about the superior sound they hear. Heard a fellow the other day say that half his brain is selling something and the other half is buying it.