Actually, people who can afford it blowing money on "useless" things (as in, not food or shelter) is a win for the economy. It's better for the economy if people with excess income/cash blow it buying parts and services, which prop up jobs and businesses.
And there's really no definition of what's paying too much for car performance. Compared to the average car consumer who isn't really into this stuff, any money spent upgrading the performance of a car is a "waste".
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