To drive meaningfully, you need collisions, which in turn require gently sloped terrain to allow vehicles to return to the track when pushed out.

Regarding appearance, the fixed third person perspective is a bit disturbing. Switching to first person or allowing the vehicle to tilt according to its movement would look better.

What kind of gameplay do you plan to have?

• Acrobatic tricks (e.g. 4D sports driving) need more complex track features and a general physical model (falling, jumping, bouncing...)
• Maintaining a thrilling high speed without crashing requires much more difficult tracks, a higher apparent speed, and some obstacles and distractions (maybe light forms of vehicle combat, like dropping mines) to be a challenge.
• "Realistic" simulation needs less boring vehicle handling: drafting (maybe saving power to charge something useful), losing power while jumping, using wisely temporary boosts, etc. Not having wheel-track friction is a serious handicap.
• Vehicle combat is completely absent and it would be probably limited to precision ramming and other close range attacks.