Yes, locally here anyway. They have yearly drags and a burnout "Competition" here, there are dozens of cars gone to the wreckers after the weekend. Thinking about it when I was a young bloke there were a lot cars cut down for speedway, FX's, J's, XT's, Xy's even a few 2 door XM/P's cut up for speedway cars. Decent cars of that vintage are now cherished, times change. At least there was some skill, fastest driver won. I know people say it takes skill to spin your wheels and make smoke, I disagree. Some people think growing a mullet is a special skill, I'll agree mullets are the funniest.
It's a bit like walking around with the arse out of your pants (Tracky dackies for you bogans), everybody's laughing at you and you think your cool
But if that's your thing then by all means, go your hardest.