There's several different car cultures in Japan, though. The general society seems to regard older cars as trash, and want the newest and latest. Same with high-profile showoffs with audio/performance cars.
Downhill drifters, though, like some older cars, especialy rear-wheel-drive ones that are easily affordable by young people (and won't kill them financially if they wreck, which they will). The popular manga series "Initial D" hilighted that, since the protagonist's drifting car is an old Toyota AE 86, a white wedge-nose popup-headlights car with RWD made in 1986.
And, just like here, some of the street showoff kids can't afford a new high-end car, so they take the older Civic hatchbacks, kit them out with high-performance parts as they can afford them, give them a shiny new paintjob, and there you go.