I guess it all comes down to how you approach your car and what you have available to spend. I have always made a decent salary but free fun money was never the norm.
For the past 20 years I have always had some type of "project" vehicle or another. But with a wife and three children, my projects were always a lower priority than their needs.
Now that we are empty nesters there a bit more fun money, but nowadays my projects are not about seeing how much money I can spend the fastest. Its a hobby and I approach it as such.. heck the building is as much or more fun than the finished project! (I usually sell/give away the finished project a few months after they are done anyway. - I have never made money on any of my vehicles)
Having to "make do" forces you to plan carefully and get creative. Not to mention gaining skills from not being able to pay others to do things for you!
When I needed to reupholster my truck's bench seat - I could have paid someone to do it for me, for about $600, or I could have bought a premade cover, for about $300, but instead the wife and I made a trip to the local fabric store's bargain bin and for under $100 we learned how to do it our self.
I will probably never use the skill again but I can say we did it ourselves and we saved a few bucks.
To each his own and I do appreciate and enjoy looking at all those fancy and expensive hot rods - but when I squint my eyes, my old heap looks just fine to me!
(Guess that's why as you get older, you also loose your eyesight! Ha!
)