My favorite racing game was Acclaims Re-Volt from 1999. It was an arcade type game. Me and my brother played it for hours. We even made our own tracks.
My next favorite racing game was Star Wars Episode 1: Racer. The whole family played that one.
I like simulators (played several flight simulators and America's Army), but I've never found a racing simulator I liked. I've demoed several racing games on consoles over the years at computer stores but didn't enjoy them enough to want to buy a console for one game.
I've also never bought a console because of the visual triangles, even when they get tiny. If it doesn't run on a PC with a good video card, it's not a serious game.