So, as it turns out, covering the rear wheels with spats (or fender flares, or fender skirts for any North American readers tuned-in) can indeed go a long way towards making vehicles more aerodynamic, quieter and fuel efficient, as well as potentially more stylish and distinctive in many cases.
Aerodynamic drag harms fuel economy, so multiple manufacturers decided to enclose the rear wheels to eke as much efficiency from their vehicles as physically possible. It was tested – and proven by General Motors for its pioneering aerodynamic electric GM EV1, for example – that applying spats help improve fuel economy, but sadly at a higher production cost and with some inherent drawbacks along the way.
However, the costs and drawbacks associated with applying rear wheel spats could now be are too steep and complex for mass-production. For starters, manufacturers of modern cars might have to run narrower tyres at the rear of the vehicle to allow for a larger clearance so as not to scrape the spats, possibly decreasing handling prowess at the same time, which intrinsically affected the handling and overall dynamics of the car.
Also, any air that does inevitably make its way under the spat and into the wheel arch is essentially trapped. This will lead to a high pressure within the wheel arch along with a build-up of heat as the friction between the tyre and the road converts somewhat to sound and heat energy. This will invariably increase the pressure of the tyre itself, thus risking a possible blow-out if the pressure was allowed to reach over normal operating figures (normally 30-36 psi). Changing a rear wheel would also be more complex and time consuming too, resulting in more bruised knuckle and foul language!