Green’s Dictionary of Slang

(US teen) a fast car.

[1946		Gaz. & Dly (York, PA) 4 Apr. 3/1: A captured 2 cm German anti-aircraft gun will be part of the exhibition, as well as the ‘Draggin Wagon,’ a Tank Recovery unit].
1952		L.A. Times 25 Apr. 32/1: [headline] Hot Rods put on Display at Show. Draggin’ Wagons Buiklt for Speed Present Varied and Wondrous Automobile Creations.
1959		E. De Roo Go, Man, Go! 8: He wanted to get out of the two-wheel class and own a draggin’ wagon.
1963		News (Chicago) 23 Jan. 16/2: Competing will be the ‘Hottest Draggin’ Wagons’ in the Midwest area who return to do battle in a slambang crasherooer affair on the WEorld’s only Indoor Drag Strip.
1972		(con. 1950s) Jacobs & Casey Grease I v: She’s a real draggin’ wagon.
1985		Clarion-Ledger (Jackson, MS) 21 June 51/1: Hey, Vern, how do you like my new draggin’ wagon.
2004		J. Breitenstein Ultimate Hot Rod Dict 65: draggin’ wagon n. Any purpose-built or extensively modified vehicle constructed exclusively for maximum DRAG racing performance.