No, I think it still does, it's just that the younger crowd doesn't have the money to buy a V8 muscle car. The price of these cars keeps going up, and when you combine it with packages, the price goes even higher.
I can afford it, in fact, I can put a 50% downpayment on a new corvette. I can afford the monthly payment. But why would I? Cars pretty much always depreciate. I certainly wouldn't be able to keep it up as a collectors quality example, even if it ever became one. And in 99% of my use cases, a used Corolla or Accord will provide a similar experience.
Meanwhile, in 1966, Ford Mustangs apparently cost around $20k adjusted for inflation[0]. That's mind boggling. If a sports car were that cheap, I'd own it. Even the Toyota 86 and Mazda Miata are around $30k new now.
[0]:https://www.cjponyparts.com/resources/mustang-prices-through...
https://www.autotrader.com/cars-for-sale/New+Cars/cars+under...
All the money has shifted to classics where you can own a car for a decade and have it be worth the same or more. Maintenance will be somewhat expensive, but after you factor in depreciation it's a far cheaper way to own an interesting car. Some of the blue chip classics like air cooled 911s are basically liquid assets since you can turn them into cash with as little as a few hours notice.
I also think the every-model-year-update to appearance (for appearance sake)[1] enhances the acceleration of depreciation for any desirable car.
[1] (trucks are probably the worst at this - as it's obvious no other part of the body changes)
I can imagine a babied performance car is just as much as a slam dunk. Then that extra $20k can go towards something else.
Is it just me, or does a foreign car not seem to impress a date the way a Corvette does?