Is the car 'scene' dying?

I'm seeing less and less modified cars on the road. Years ago, you would see everything from hotted up Holden Gemini's, Mazda Rotary's to cammed Holden Early Commodore's and 351 Falcons. Everywhere I went there was something cruising the streets or parked up at some hang out somewhere. I hardly see that now.
I don't know the absolute reason for the decline (economy,police crackdowns,society?), but it's sad to see this happen.
What do you guys think?