I'm finding this a difficult question to answer since there's a lot of things which add to the sensation of 'speed'.
For instance having lots of NPC's (Non Player Cars), objects & pedestrians to avoid can make a game feel faster, for example in Burnout or Midnight Club, blazing along the highway at 200 MPH zipping past cars which can halt your progress if you so much as clip them 'feels' faster than roaring along the empty Test Course in Gran Turismo at 250 MPH.
Also some idea of distance covered can also make a game feel fast. In Midnight Club LA you can race from one side of LA to another in a few minutes, so that does seem fast.
Other effects like the view shifting back when you accelerate or use nitrous, to represent the G forces pushing your drive back in the seat also give a sensation of speed, as does motion blur & sound distortion.
From recent experience, I would have to say that nothing feels faster or more precarious than speeding down a crowded street in Midnight Club LA, at night, on a souped up Kawasaki Ninja using nitrous & using the cockpit view.
Admittedly I haven't played any of the fictional Sci-Fi racing games like Wipeout or SW

od Racer, which I may find feel faster, but have no interest to me whatsoever.