I've definitely noticed on group rides that the majority of older folks ride new high-end CF or aluminum bikes with choice wheels. I'm the odd one but doesn't matter. Unlike the younger crowd doing their own maintenance, the older just don't fuss with old gear and that's well understood. LBS do everything for them, including tires to simple adjustments.
I also have one late model - mediocre quality bike that scoots just fine but too generic and reminds me of a Toyota. The majority of my riding is on old steel of which I prefer.
As for the younger crowd, its cool when they acknowledge my older steel bikes. Although rare to see on larger organized century rides, riding an old bike is a conversation starter and often will meet younger riders mentioning they have works in progress. Lately my interest is going to much older bikes with interesting details but much higher level difficulty of riding and maintenance. Now that's messed up.... haha