It is really condescending to dismiss their choice as motivated by vanity rather than assuming that other people might have done their homework and made a rational decision. It might very well be that you have done your own homework and it doesn't make sense for your situation, but other people face different tradeoffs which make it worthwhile.
Off the top of my head the only thing that's really doable without replacing a depreciating asset are certain kinds of insulation upgrades. (And I guess potentially ceiling fan installs.)