One of the most interesting part to me is the fact he is a university professor in a good country but rides a used/second hand car... in an era where status and success are highlighted by displaying what one buys and owns on social media.
This is no different from the people who used to show off their rolex in the pub, or park their BMW on display thinking it was impressive.
The 'show' may have moved, but it's still the same people who gain the same amount of 'respect' that they ever did (not much).
Besides, I would guess that most professors are not so worried about their car (and in fact many may prefer a more sustainable mode of transport) as they are to their research and citations, and the advancement of their students.
Even if the bicycle is older than the car, perhaps even more so.
I mean, not for everyone? These things, pretty much regardless of era, matter a lot to some people and not at all to others; for still others it may be a negative signal of sorts.
Anecdotally, I know a lot of very well-off people; well under half would have fancy cars.