Even if it's good advice not to buy something you can't afford to maintain or get insurance for, I still think these buyers exist in the market and are doing as such. There are still a lot of young people for whom these are dream cars and will do what they can to afford, skimping on areas they shouldn't. Saving capital is always easier than paying ongoing costs.
Even for the older buyer, 2k might not sound much as a ratio for the asset's worth/capital, but for someone keeping it as an investment or only weekend use, along with a $700-800 registration it makes a lot of difference when deciding between keeping something just taking up room that you can sell for much what you paid for, and letting go of something that saps 3k out of your income each year.