The topic for the most iconic arcade racing game.
I myself enjoy the classical NFS games, where instead of modifying regular boring cars, you get to drive exotics like Ferraris, Lambos, and the McLaren F1. While I can't play Need For Speed 4: High Stakes (my favorite in the series) because the CD is scratched and won't install properly, I still play NFS World, a F2P racing MMO.
World in my opinion is a kind of compromise between the classical NFS and the Underground era, where you modify boring cars, or you can also drive exotics to some extent. To make myself enjoy World even more, I listen to the music from High Stakes. This combination works out very well. And the graphics are very good: Mostly photo-realistic with some artistic variation to compensate for technological limitations and plain old fun over realism. Although I would prefer a more realistic physics model.