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@alexjrd
I think it's nice to own something that you've worked hard for, either at work so you can actually buy it, or because you've spent months finding the right parts for a build, which takes money any way. Especially since most cyclists in London ride pretty much every day. I definitely get the money's worth out of my bike. It's not a particularly nice bike and it's not in particularly in great condition, but I worked hard so I could buy it and buy some parts for it, so I'm proud of it.
I think a lot of people on this board earn their gear and work hard putting it all together. I mean, someone might spend £xyz on something they don't really NEED, but if its for their bike then it'll probably get a lot of use. People spend a shit tonne of money on useless and extravagant things and use them once.
I'd say there's a materialistic element to it, but I guess it depends on whether you're making your bike nicer for yourself, or for the guy at the lights to say "nice bike mate."