I believe there are multi-fold reasons for this.
Cars are not as simple, enjoyable, and affordable as there one were
They are not as exciting because the electronics make them hard with which to work
Cars seems to be just transportation
The computer gadgets seem to have taken center stage
And with the $ young people are spending today coupled with their huge student loans the interest is not there.
I lived with cars as a kid. The Indy 500 was the big thing and then the Monte Carlo race was next. No excitement for this now.
I pulled engines apart and rebuilt them, etc. How many do this today.
How many kids are into scouting?
There are not even hobby shops to which kids once always went.
It's all different due to marketing and concepts.
I know there are plenty more reasons but these are the ones that stand out to me.
How many young people today will be able to afford Ferrari's, etc in the future?
This is definitely true. I enjoyed my Firebird more than my Cobalt in the fact that I could modify it unfortunately it wasn't simpler to work on. If I had the opportunity to work on the Cobalt (lease) I would put an intake, full cat back with High-flow cat, lowering springs, different rims, and turbo it (only if I had the money in which I would buy either a different car or the Cobalt SS/TC) I love working on cars. More so the modification aspect. I enjoyed the exhaust project on the Firebird, but the spark plugs were absolute hell.
The electronic aspect is for the most part true. I was in the market for a '95 BMW 325is and I was going to put a cat-back, with lowering springs, and an intake, but if it were say an '08 328i or 335i there is no modification that I would dare doing with all the electronics.
As for the cars for transportation, this is very true. I use to drive my Firebird about 25 miles a day and my school was only 0.7 miles away. Now with the Cobalt I drive 50 miles a day and my school is 25 miles away. I do however have fun on the way to school because of the 5 speed

A perfect example of cars just for transportation in my generation is a kid at my school that has a 2007 Pontiac G6 GT convertible with a tiptronic. He has had it for 2 years and I taught him how to use the tiptronic today.:yikes::yikes::yikes:
Computer gadgets have definitely taken center stage. A kid at my work was comparing his car to different peoples saying his was better (1990 Cadillac) because of his $700 sub woofer system and $800 in dash DVD:thumbsdown: I am much more interested in performance parts more so than stupid subs.
Student loans....I agree enough said....
As this style racing isn't popular I went to the Coca-Cola 600 at the Charlotte/Lowe's motor speedway in North Carolina every year. I've always loved racing and cars. I do like Formula 1 but never have the opportunity to watch it. Lemans was something I always loved which helped with my foreign car love.
I never have completely pulled apart an engine and unfortunately have never had the opportunity. I've worked on Civic and CRX engines, some with V-TECs and turbos in auto class during high school. I wasn't able to work to much on the Firebird engine, it isn't user friendly by any means.
To your last question, as long as school goes the way I would like it I should have money at some point in my life to purchase a Ferrari....but sadly for the most part of my lazy generation they will
not be able to.
BTW- Here is a non-spamming post!
