Blast from the past! "Rag and bone man is a British phrase for a junk dealer. Historically the phrase referred to an individual who would travel the streets of a city with a horsedrawn cart, and would collect old rags (for converting into fabric and paper), bones for making glue, scrap iron and other items, often trading them for other items of limited value.
This car was very popular in Bristol in the 1994 rave scene, Jimmy and Alex both had them, as did someone else, and I can recall getting lifts, listening to hardcore tunes, and generally ducking & diving around Clifton in Bristol in these beat up little numbers they're parents had given them as presents. I learnt a lot of the cool slang aphorisms back then too.