The responsibility and worry of maintaining, securing and protecting a $200 000 asset would not be attractive to me. All the studies show that new purchases feel normal after a month to six weeks.
However, I think hiring one for a week/few days and driving it on some winding roads before handing it back would be something I'd like to do. Then do it again 4 months later with a different sports car. Hedonic treadmill status: hacked :-).
Yes, it is true that most purchases lose their lustre after a short while and studies have shown it is the anticipation of the purchase more so than the purchase itself that brings happiness. At the same time, studies have also shown that if you turn a purchase into an experience, it brings a lot of happiness. Currently I drive a sports car that, while not as expensive as the dream car, is still expensive, and I get a lot of happiness from road trips, bringing my friends along and letting them drive, detailing the car etc. I'm a car guy and I view them as lovely toys/art, I imagine similar to how art collectors view their pieces. Though I know art tends to appreciate.
I might keep it for a couple of years, then sell it. Running costs like depreciation, registration, servicing, maintenance, repairs and consumables are all deductible due to the way Australian tax laws work. Our marginal tax rate is 47% so it's a reasonable saving.
As for the comments about it not being a MMM approach, I think we each need to rationally think about where we put our dollars. I have friends who splurge on expensive houses and private schooling for their kids. Keep in mind this is Australia where a nice house in a nice suburb costs at least $1.8 million and up to $4 million, and private schools (which have been shown to be no better than public schools) cost $30,000 a year. I prefer living in modest places close to work, in the low $1 million dollar range. I'm saving hundreds of thousands right there on my principal place of residence. And the PPOR isn't tax deductible. So, I feel that one exception to the frugality norm is okay when that cost is deductible and can be amortised over time.