The problem with that and similar theories is, at least in the US, sales are quite low. Caterham didn't go for a different distribution model because they were making too much money.
As for spanking Ferrari's, how often is that really happening? Caterhams are likely bought for a wide range of reasons, ego being low on the list since few onlookers have any idea what it is. Fewer still would ever believe the cost, thinking it is an old MG or a plastic kit car. I think people buy these cars simply because they are fun to drive, on the track or street. And that's why we disregard the required issues of Caterham ownership (oily garage floors, engine based audio system, mininal weather protection, short tire life, etc.), the car is just pleasing to our automotive senses.