Well, I haven't really looked into those games so no wonder I didn't know!

I'm going to have to take a look now. Thanks!
Sure but don't expect AAA quality though, they are low budget, well Test Drive Ferrari is just a lazy effort but still enjoyable, Absolute Supercars while being a low budget game, it has pretty good physics and engine sounds, graphics are lacking a bit but it has a lot of cool effects like leafs falling down, the weather/rain effects are pretty good actually and it has an incredible track selection.
You have Spa, Sonoma, Silverstone, Mugello, Monza, Nurb GP, Hockenheim, etc. It features over 30 Ferraris + some supercars from other manufacturers like Bugatti, Koenigsegg, Mclaren, Maserati, Pagani, Aston Martin, Merc, etc.
It has a livery editor but it's pretty basic, all of the cars have very nice cockpit views and it has a special view for wheel users, it zooms in until the virtual wheel stops getting in your FOV. The AI is very challenging and it also features a 1 lap qualification before every race but I think you can change that.
All that for 9.99 on the PS Store, known as Absolute Supercars in the USA or Supercar Challenge in Europe, this a PSN only title though but I strongly recommend it.