When damage is more carefully implemented, this could shine. In my opinion it would be sweet if you had to pay for tyres too. In most amateur racing this is the biggest cost. Role playing aspects make any game more fun and addictive.
...As a side note, having NFS ricey stuff to put on your car like premade decals, body kits, rims, wingS, neons, etc would be kind of FUN. Nothing that affects performance, just stuff to express your personality. This way we can spot for sure the n00bs before they even finish a lap >:]