This word no longer has direct connotation to Japanese vehicles, any car can by "ricey" and any Japanese car can be classy. Making a car "ricey" simply means spending the bare minimum on modifications that instead of helping your car perform better, sound better and/or look better, they actually do the opposite.
Keep it classy people. Appreciate your car, if you can't afford nice modifications, save your money.
Putting a hood on an Mitsubishi Lancer Evolution X that has more than 3 vents on it is ricey(Japanese example).
Putting a carbon fiber muffler you purchased on ebay on your Volkswagen R32 as opposed to getting a real catback exhaust is ricey(Euro example).
Putting 20" chrome wheels on a Ford Mustang LS is ricey(this might also just be called "stupid")
Putting Altezza style taillights on any car that does not come with them out of the factory is ricey(such as a Lexus is300, is400)