On a wine board I frequent, a recent poll asked if your wine collection was worth more than your car, or your house. I won't go that far, but how many here have so much photo gear that it is worth more than your car.
Count up all that L glass, bodies, filters, etc!
On the wine poll less than 8% said no to the car part!
My CARS are worth more than my photo equipment, but if I pick the most valuable car I currently own it's worth less than my gear. That ratio has improved over the last year because I've sold more gear than I've bought, but next year I'm thinking of selling a car to buy gear. (I restore cars for a living & have more cars than I could wear out over the rest of my life).
I am frugal on my glass and bodies although I do spend on them I bargain shop. Cars on the other hand are completely different, I collect corvettes.
Camera, glass and equipment: $7K
Car Collection: Priceless
I'm reminded of a wine tasting I attended many years ago in a private home owned by an acquaintance who as an engineer was obsessive about caring for his wine. He took me on a tour of his wine cellar which was kept at a constant temperature through a system separate from the rest of the home. He and a few friends were buying wine at Christie auctions and I noted cases of first growth Bordeaux reds stacked in every direction. I doubt there is enough camera gear in the world to match the cost of his cellar. That evening we tasted twelve 1947 Bordeaux reds topped off with a 1927 vintage port. Those were the days my friends...
In answer to the question, my car at one time was worth more than my camera gear, but as the world works, my kit kept growing while my car kept depreciating... so yes, my camera gear is now worth more than my Acura coupe.
Yes, my gear is worth more than any one car I own, but not all the vehicles. Digital backs aren't exactly cheap, nor are Digitars. Hmm, I might even sell the SLK to pick up a P65, except my wife understands the need for a sports car, but not the need for new gear.
I'm a salesrep and drive several hundred miles a day, something like 55,000 miles a year. I quickly destroy the value of a car with all those miles, so I just drive highly reliable cars with a lot of miles. My current car is a 1992 Toyota Camry with 571,000 miles on it. It's not using oil yet, so I keep driving it. I call it my $500 car. Wife hates it! Last year she was riding with me and I stopped and filled the tank with gas. Fifty bucks! I told her, "Hey, I just increased the value of my car by 10% by filling it up!" She groaned. Anyway, my cheapest lens (Sigma 30mm f1.4) has about the same retail as what my car is worth. And then there's the $6,000 worth of lighting gear in the trunk. If I sold all my photo gear I'd actually have almost enough for a new Camry, . Rather have the photo gear. New cars lose value even quicker than digital camera bodies do!
Now with a college sophmore...the college costs are killer...ouch, I will never retire. 
. Rather have the photo gear. New cars lose value even quicker than digital camera bodies do! 