You absolutely can signal status with a car in a way that will convey what you want. Look at me, I'm interesting, I'm worthy of getting to know. Admire me.
It's just a lot more expensive than the attention is worth. That's the only real problem with cars. A watch and a pair of nice shoes sends that message for way way cheaper.
And even then, it's only one brick in the wall. You also need personal style, and interpersonal style as well. Somebody who is really status conscious will weave all those things together in a way that is so compelling to look at, it's really like you're looking at a movie star that just stepped out of a screen. You can't look away, it's enthralling. Magic happens around them.
Yes, the car you drive matters when you're playing at that level.