Gran Tursimo 7, but if i'm feeling nostalgic Ridge Racer.

Always loved CTR growing up, loved the newer one as well but playing online was terrible and the challenges felt way too hard to try and complete them all. Played Trackmania for a bit after that but have since kinda settled into Dirt 5.

Currently, it's Forza Horizon 5.

All-time favorite would be Burnout Paradise. Some would even call it the game of the generation.

Out of recent games Need for Speed Unbound. GOAT is between Burnout 3 and NFS Underground

Partially because I don't see it mentioned, Destruction Derby Arenas

I've not played any car games in years but I have fond memories of Outrun and the 1st Gran Turismo.

Burnout: Paradise Island (the old version)

An excellent question, with a somewhat complicated answer. I don’t know how it is for other people, but my absolute favorite varies with time and mood. However, I certainly have favorites per genre of racing:

Arcade: Out Run
Sim/sim-like: Gran Turismo 7
Kart: Mario Kart 8 (switch version)

Permanent favorite non-racing game with lots of car driving involved: Grand Theft Auto: Vice City

FH3>FH5>FH4

TrackMania, give me those Eurobeats on a high speed modded track playlist with my buddies and I'll be a happy guy

Rock N' Roll Racing on SNES Uniracers is also up there, but it's less of a racing game imo.

Forza horizon 4 was the most fun I’ve ever had in a racing game. Binge played it with a friend and then when horizon 5 came out we did the same. Although something about horizon 4 was slightly more fun