It is true that a lot of people don't want to own cars now unless they really need to. In
China owning a car is just a status wank.

Agree. China has what could possibly be described as the best public transport system in the world - with the population, it needs to have. Cars in China are not necessary at all, and as you say, they are just a 'status wank'.

However, in Western Australia for example, a car is a necessity.