Not sure what you are saying....but if you have a portfolio of $2.5M, spending $40k on a car is not going to affect your AA very much.
From a logical standpoint, I agree with this. However, I've noticed that the older I get, the more adverse I'm becoming to the idea of having to buy a car.
The first new car I bought was a 2000 Intrepid. $22,389 out the door, in November, 1999. At the time, I probably had a net worth of $40-50K, at best. I financed that car at 0.9% for 60 months, so it only cut me to the tune of $347 per month. But still the purchase price of that car represented almost half of my net worth. Somehow, that didn't seem to bother me in the least, though.
When that car got totaled, I replaced it with a low-mile 2000 Park Avenue that was around $8100 out the door. By this time, my net worth was probably close to $450K. So by this time, the purchase price was only about 2% of my net worth. But, spending that money still bothered me, even if realistically it was a small impact. I dunno, maybe the circumstances behind it were different...back when I bought the Intrepid, I wanted a new car. But this time around, I didn't want a new car; I was sort of forced into it.
In 2012, I bought a new Ram pickup. It was around $20,700 out the door, although we used my uncle's beat-up Silverado as a trade, so that knocked it down to $19,400. By this time my net worth was up to around $750K, so that truck only represented around 3% of that. But still, it felt like it "hurt" more than back when I bought that Intrepid.
I wonder if it's just human nature to get a bit more risk-adverse to buying cars, as you get older? I've been toying with the idea of getting another car, as the Buick is now knocking at death's door, and I use the Ram all the time, and it's a bit of a guzzler, hard to park, etc. But, I just hate the idea of parting with that money, even though I could easily afford it.