Mostly, FWD cars like the Honda civic is popular among ricers. A true AE86 lover buys that car for
one sole purpose. That is to drift.
Despite being old, the AE86 is still used in major drifting competitions even today by professional drivers.
Keichi Tsuchiya 土屋 圭市 known as the "Drift King" otherwise as Dorikin (ドリキン) even drives an AE86.
The AE86 is very much praised by Japanese street racers (Hashiriya) (走り屋). Also, the Drift king keichi Tsuchiya drove the AE86 daily in his youth. He is most known for illegally street racing with the Ae86 on touges.
His famous quotes include "The Most Important thing is Balance." (Tsuchiya says this word in every drift action)
"What is power without control?"
"This is fun! I wish that Toyota could make cars like this again!" (on the Toyota AE86)
Mostly, you find totally stock AE86's. The engine is the only place that most people modify in an AE86.
A large number of people paint their AE86's black and white panda while keeping it's body stock. The only part that is modified is the engine where many tune their cars without adding turbos. Also, some replace the normal 4A-GE Engine with 4A-GE's found in AE92s' and AE101s'.
Nobody buys an AE86 to show that it has power. The AE86 is actually a stable RWD underpowered car that drifts at great speeds in corners. It's engine is easy to modify too.
And also note that the AE86 is not a cheap car anymore, it is rare and expensive whilst there are hundreds of thousands of Honda Civics (a great, lightweight, FWD car that is literally eaten by ricer boys).
Carbon Fibre hoods are common modifications for an AE86. It has an effect on the performance of the AE86 because it makes the front lighter. This also indicates that the AE86 isn't a car that many ricers use as they use material that adds more weight to a car.
Please note that there might be punks who rice their AE86's like the Civics, but that would certainly be uncommon.