I'd argue that the "expensiveness" of cycling has to do with three things:
1. Functionality-limited manufacturing
2. Ego/Marketing
3. Envy
The first is a question of supply&demand. How many companies make the bike you want with the functionality/components you want? If there's only 1, they decide on the price, not you.
The second is sort of "I deserve the best" so the advertising in today's culture keeps telling us. And if Joe Neighbor/Friend/x-in-law has the best, shouldn't you have it also - regardless of cost? Notice how few ads today actually even mention cost? Sticker shock at the cash register is not uncommon for many things.
The last relates to the second but isn't the same. It's a case of "he's got it, I want it" or something like that. Your friend's bike is the coolest so you NEED it - or a specific component, whatever. BMW's have more appeal than Yugo's for example.
Last edited by 20_700c; 08-12-13 at 01:57 PM.