Well if you can ignore the outdated and cheesy graphics, this game goes way back, but I've always found it to be the truest racing game simulator in terms of the physics of the car, it would have to be Grand Prix Legends hands down. I believe it was developed by the same people who do the current EA NASCAR racing series, Papyrus.
Based on the 1967 Formula 1 season, it gives an exciting choice of rides, from the Ferrari 12 cylinder to the Honda, to the Gurney Eagle. All of the cars have their individual charactersitics you can fine tune in the garage menu setup.
You can even download extra tracks like LeMans, Brands Hatch, that aren't in the original game. Also supports multi-player on-line racing.
If you can get your hands on a copy then grab it. It's hard to put down once you get started.