Thought it was common sense. The lighter something is, the easier it is to get going. While momentum makes a difference, in the racing world you don't want something that weighs 100 tons but has 10,000bhp, mainly because you won't be able to get it to go around turns or anything, it may be hell on straightaways, but thats all it would be useful for.
Traction wise don't look at LFS though (if you are), tires never slide as much as they seem to in LFS.
Light is the best way to go, it takes less horsepower to get it going, and that lower weight really helps going around corners, and also because it uses less horsepower it improves gas mileage too.