I hear that phrase still today , often enough that I’d consider it current.
Is there a particular group associated with it these days? Back in the day it was hot rodders who were talking about fast cars. I wonder what the linguistic definition of a colloquialism's lifetime is, or if there even is one.
I’m not sure where you’re from, but this is just simply not correct. I have never been in that group and I know lots of people who regularly use that phrase. It’s a fundamental colloquialism.