I don't fully agree with that. I see plenty of youth get together at track days or the local "spot" on Sunday nights. The pandemic probably brought out more people to these things because everything else was shut down or closing early.A few insights - as a mid 30s but just now got first fun car.
1. Young (<25) people dont care about cars. This was bolded early. (new) Cars are expensive and sterile now. You dont need to work on them and cant tinker at home. They're already really fast too. Theres just not an emotional connection
This past summer i was driving home and passed about 30 cars in a lot. Anything from a Honda Civic to C6 Z06 in the lot. Nothing really new but every car was modified to some extent. But all cars could be purchased for 25k or less. The Z06 was probably 30k but still, Target distribution center here pays $15/hr plus OT. With no other obligations in life, it is obtainable. Maybe not financially sound but whatever.