Back in the olden days, modified asian cars were called "rice burners" based on the myth that they ran on fuel extracted from the Oryza Sativa plant of the grass family Graminae. Okay, I made the rice fuel part up, but the "rice burner" part is legit.
Yep, rice burner was the term for all asian-made automobiles, it must have morphed into meaning 'rediculous modification' when domestic-drivin-thugs started laughing at modified imports... 'till thos modified imports started beating up on the domestic-driving-thugs.
I saw the most ridiculous page a year or so ago that tried to make the point that "ricer" is not a derogatory term against any particular race. The moron completely danced around the notion that the cars were called rice burners because they were Asian, and presumably lots of Asian people eat rice in many different forms. Really, I'm not sure it's derogatory and inflammatory, just kind of a blanket term for a style of modification and lifestyle made popular with Honda Civics.
Now, my wife makes plenty of ricer jokes, but she's half Chinese, and drives a Hyundai, so its okay
I don't care what the ethnicity of the person driving a car may be, a rice burner is a rice burner. It has nothing to do with who is driving it at all, it has everything to do with the unappealing modifications done to said car.
Similarly, I don't that the the word "ni---r" is derrogatory to african-americans. I see the behavior and appearange of what I percieve when I think of the term "ni---r" in wite people, black people, asian people, any urban wanna-be thug.
Perceptions and colloquialisms evolve with society.