I think Tim's point was about buying a $50K truck, as opposed to affordable transportation to work.
As opposed to what, though? A $25,000 car and a $10,000 truck for the times when you tow? And, neither of them having any "luxuries"? My truck is expensive because I spend a LOT of time in it and I want to be comfortable when I do. Have you ever driven 15 hours in a day in a Civic DX? I have, and for someone of my size, that makes for an immensely unenjoyable drive. My "daily driver" is actually not driven daily because I am able to work a good chunk of time from home. But, when I do have to go on the road, the trips aren't short.
While I can see his point for those people that buy the Porsche Cayenne just so they can say they drive a Porsche (as opposed to buying a minivan that's much more functional), I agree that it's a waste of money. But, guess what? Those are the same folks that don't care if gas is $10/gallon or electricity is $1.00/kwh.
Again, though, you have to look at ACTUAL cost versus perceived cost. Even my $50,000 truck will have a significant amount of residual value when I am ready for a new vehicle. When you compare the depreciation $$$ of my vehicle to that of, say, a $25,000 sedan, I won't lose considerably more from my original investment. And, in the meantime, I'm much happier driving it, more rested when I arrive, and I can haul all of the things that I need to / when I need to without having to rent / borrow / own a different vehicle. There's some validity to his point, but I take exception to it being painted with broad strokes.