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it's functional for people who live in places where they get snow in the winter.
I don't think it has anything to do with how much a car costs.
On my RX300, mudflaps cut paint. Some even cut a deep groove that raw metal are exposed.
Mudflap increase wind noise, decrease aero-dynamic and mpg. If winter usage is needed, I suggest to put a layer of clear bra to protect the paint and take them off for the summer.