I am with Daniel on this one. My rav actually recently gave a shiur on this trying to get people to change. It’s a real chilul Hashem to see frum people wearing these things. I always feel disgusted when I see a frum Jew driving a new Mercedes. It is 100% not the derech of the Jewish Mesorah and has never been a real issue in Europe- only since Jews came to the US. There is no Mahamad anymore!
So if I had more courage I would go around rebuking the people who drive mercedes along with those that drive on shabbos.
On a side note, even many non-Jews I know at work are embarrassed to wear expensive designer brands and would not wear it even if they got it as a gift. To see Jews doing this is a real chilul Hashem.