Stunts (aka 4D Sports: Driving)
The oldest racing game with an ongoing community, and for a reason. Every PC gamer worth his money must have played this.
Micro Machines 1 & 2
Still great fun for hotseat multiplayer.
Screamer
The opponents cheat like hell, but I still play through the entire championships every few years. Somehow the gameplay is simply addictive.
The Need for Speed
In contrast to
Declinator I don't think that this was rendered obsolete by later version. It's still a great game. Rubber band ai opponents, but whatever
Moto Racer
Still fun for a quick race every now and then. Not great, but better than its sequels.
Powerslide
OK, this is 1998, not pre-, but I have to mention this game in every racing game thread. This is a superb and unfortunately overlooked gem. It has great graphics (notice that the GOG version runs with the ugly software renderer by default, but allows glide emulation), great physics, and the best AI (non-cheating) opponents of any racing game I have ever played. If you lose, you know exactly where you made a mistake, and how you can avoid it the next time. A must play.
Supreme Snowboarding
Allow me to advocate for a 1999 game. Racing against your own ghosts in the time attack mode is incredibly addictive in this game.