My youngest sister is 19. Some of her friends get a new iPhone every month it seems, yet they drive $500 cars that barely run. It truly is a different world with different priorities. I remember dating a few girls in college (I graduated in 2014) who didn't even have their license at 22-24. They didn't feel they needed it. They had campus jobs and walked to work, lived on campus, etc. I got my permit the day I turned 15 because I wanted so badly to drive.
I just bought a new iPhone 8, and while it was under $1000 it was still expensive to me. With that said, I know people who would still buy the phone even if it was $3000.