LFS is a very good sim, though unfortunately progress is (very) slow. If you're much into oval racing I'd actually recommend you to check out
iRacing, which is made by US based developers, thus containing much more American content. Its only drawback is the subscription based payment model, so overall it's a good chunk more expensive than LFS, though I won't say it's not worth the money.
Personally, I very much doubt LFS will become a usable oval racing simulator in this decade (yet allow modding). As you surely know, LFS lacks a good oval (only has a superspeedway, which is pointless to race on with low-powered, or high-powered + downforce cars), the cars (neither comes close to NASCAR specs), the setup options (suspension not independently/asymmetrically adjustable) and most importantly the aero model (frontrunner gets no push, resulting in completely unrealistic constant two- or three-way slingshotting each other).
For LFS you basically have to see what it is capable of now and decide if you like it, because you can't expect serious changes to be made quickly. Regard it as 'finished' and be glad about every update and addition that comes along the way, because as it looks now you won't see them all too often. Waiting for feature X to be implemented is like waiting for ice to melt in the freezer - don't do it.
Either way, if you're serious about sim racing I'd recommend you to get a force feedback wheel ASAP, at best a G25 if the budget allows it. Sure you can become very fast with just keyboard or mouse, but that way you rob yourself most of the immersion a good race sim provides.
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