The first 3 words (the topic) of this question is subjective and we manage to fill 6 pages with it, you see how nutty we are on pipes.
We (our family) have been looking at another house. We set a fixed price where we find ourselfs comfortable to pay in mortgage every month. We do know we have a house in a much wanted neighbourhood of our city, still we didnt put it up for sale yet. Greet hasn't found us yet to just push the house on the market, cash big time (maybe twice the mortgage now on it), as we still have to spend more than we would like to to buy another house.
It's the same with cars. We own 2 because we need to. But we always wanted another car to tow our RV. Our present towing car does what it has to (tow the RV), is only 10 years old with 100K miles / 160K KM, drives great, hasnt been that expensive in maintaince, tyres, title and insurance. So why on earth would we for those 2000 km we use as a towing vehicle? Now with COVID not going away we stay in the country anyway and we don't have to tow over mountains.
This goes for anything. Homes, cars, clothes, watches, going to diner, holidays. Everything. Spend what you are comfortable with. If that is what you can spend have at it.