Ever driven one?
It doesn't have to be status... some people buy ferraris because...
they like Ferraris. I haven't driven one in a long time but I can tell you I'd never mistake it for a Subie or Corvette... performance be damned.
The pendulum swings hard both ways.
Here's something many people probably don't know... you can pick up used Ferraris for less than some Vettes. Yes, you should have repair/maintainence funds set aside but the cost of entry can be surprisingly affordable.
I bought my BMW Z3 Coupe not for status, even though it's pretty rare and a cult vehicle. I bought it because I like it. Heck, most people don't even know what it is. If I were in a position to easily afford a Ferrari I might have one. Or an Aston Martin. Because they can be very cool cars to drive. The status thing is just a bonus that at best would only get a married man in trouble.