I suspect there is a really serious strategic problem for companies like Fender. One analogy is hifi equipment.
One of Britain's most famous hifi brands, Naim Audio, makes integrated amps, preamps and power amps that they have been able to service over the years. As a result, their entire output for several decades is still out there doing great service, with a thriving second hand market.
Fender have similar issues. If your products are good enough that they don't end up as landfill - or the opposite, actually appreciate in value - sooner or later that is going to affect your new product.
If you know what you're doing in either case, buying new makes less and less sense as the years go by.
This is especially true in sectors where either technology has simply ceased to deliver something that is of greater value (possibly the case with hifi amps), or where the vintage nature of the product is the secret to its appreciation (Fender basses).