The value of a thing—a product, a service, literally anything—depends on how it makes you feel about yourself to own it or experience it. Here's a great example of an item that, for the right audience, makes them feel special and unique, which means it's also worth a lot of money to them.
“It’s really all about the depth of your knowledge more than the depth of your wallet. There’s a new kind of consumer out there, where a vintage Ford Bronco worth $35,000 beats any Ferrari on the road, because it demonstrates a certain reach and individuality in their taste.” – John Mayer
Read more about this old Ford here.