Lyric discussion by Hawkeye2008 

Cover art for Pachuco Cadaver lyrics by Captain Beefheart and the Magic Band

I just did some reading on low rider culture, originating in SoCal in the 50's, and here are final thoughts:

"She wears her past like uh present, takes her fancy in the past" is indeed about the car itself. There is a culture there, and much work was done on the car over time - with visible results to the other pachucos in the barrios.

Tattoos - the car is elaborately designed, tattooed if you will. The undercarriage is painted a bright broma seltzer blue and has a hydraulic system for lowering.

"When she walks flowers surround her" - this may refer to the rear of the car being so low to the ground that sparks are flying - not uncommon. The sparks are the flowers and would indeed give off a scent.

"Her lovin sticks out like stars" - Self explanatory at this point, but since I've come this far .. all the work that went into the car was a labor of love - and it shows brightly and beautifully for all to see ... like stars.