I think there are "bottom feeder" and "top feeder" collectors.
I'm a bottom feeder. I look for good models in fair but repairable condition. Sometimes in poor condition just for parts. I fix 'em and use 'em. I have as many as a dozen of certain favorite models (mostly vintage TLRs). I avoid overspending. If I see something good at a low to moderate price I might try to pick it up.

Many, perhaps most, collectors are the opposite, looking for items in excellent condition for display. They will pay high prices. They often don't use 'em at all; especially if they are in mint condition. They might fondle it occasionally.