There are some brands of bicycles that can cost more than the down payment on a car. Why? Surely making a bike lightweight and reliable isn’t so difficult that it warrants that price? Is it just the brand name or maybe it has to do with customization options?
As people dive deeper into a hobby they have very particular desires. That means two things: (1) specialty parts with very low sales volumes, and (2) people are willing to pay extra to get exactly what they want. If I just want two wheels and a set of pedals and don’t really care about the details then I can grab any $200 bike from a department store. But if I want, say, a very particular drivetrain, carbon fiber parts to shave weight, maybe a specific suspension design, mounting points for niche accessories, etc., then I’m shopping for very specific items from boutique brands. That’s why a very small number of hardcore riders do crazy stuff like pay over $4k for a set of wheels.
You’ll see the same thing in other hobbies, too. I can’t imagine what some people spend on their gaming PCs.
Similiar amounts for the literal absolute best. Most people don’t spend more than 1500 total though.
The amount you spend also scales with how much you want to use the device, and the quality. It’s similar with power tools.
£100 combi drill? For the average DIY user, exactly the same functionality as a £500 one.
For a tradesman using it 7 hours a day, 240 days a year, the more comfortable/reliable one may well pay for itself.