" I see no reason why he would spend any less than 10-20,000 dollars on a bicycle."

I can see a reason; 20k feeds a lot of families.

I could see it if spending 2000% more increased your utility/pleasure 2000% percent more. But it doesnt (doubtful even 10 percent). In fact, in tends to DECREASE pleasure and utility because (many) people who drop that kinda cash on a bike tend to make it their sunday dandy; never using it in the rain, or a dirt path, or locked to a parking meter.

just my take...no offense to those who make choices different than my own...