An inordinate love of money. Greed. Avarice.
For example, a slum lord who owns an luxury car at the *expense *of his tenants-- providing substandard living conditions, unreasonable rents, etc, in order to get that extra money-- would be violating the Seventh Commandment. A businessman who is rich because he pays substandard wages or cheats his employees to turn a bigger profit would be violating the Seventh Commandment.
Buying luxury goods are not *inherently *sinful. The Church recognizes that economic activity provides means for the poor to work and raise themselves out of poverty. You spending your money in the economy builds up others through that economic activity. If “you” (i.e. someone) weren’t buying these goods, the business would shut down and put people out of work. The suppliers to that business would also suffer economically. Our purchasing power here in the US helps those in other countries rise out of their poverty.
It’s not a perfect system because of course there are individuals who take advantage of the poor, crushing debt and corruption in these countries’ governments, etc, but you are not responsible for that.
I know a Religion teacher at a Catholic school who owns a Corvette. So as long as he is giving generously to the Church and the needy, it’s okay?
Sure, generally speaking.
If it is a source of vanity, avarice, pride, etc, for* that person *then perhaps it is imprudent and a failure in the virtue of temperance for that person.
We cannot make any sort of blanket judgment on the owning of any particular goods by a person. The Church does not do so.