Part of it is less tangible than just a features list. I drive a 2016 Lincoln that I bought because it had features that, at the time, were only available on luxury cars. Now that I'm looking at a replacement, those features are also available on the Ford Escape - not a luxury car. But the Escape doesn't have the sound damping, the isolation, the ride isn't as smooth...
I like my Lincoln better, even as it's older.