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iRacing is easily the best system for online racing and the only one with full online championships and seasons built in. This is it's main attraction along with the very high number of users (100,000+). You can race full grids pretty much any time of day or night in many different series. However if you just race offline, there's no point buying iRacing as other sims are much better at this.
If you are buying a year's subscription, always buy it during Black Friday - currently 50% off for new members, 25% off for renewals. You can also earn credits for completing a season (max $10 per season), but only for A, B, C and D Class series, not Rookie series like Formula Vee.
It gets more expensive beyond Rookies as you have to start buying tracks to compete in a season (currently $14.95 + tax per track). A season lasts for 12 weeks, but you only need to complete 8 - but that's still eight tracks you need to buy (maybe less if a free track is included in the season) plus the car if it's not an included one (currently $11.95 + tax). There are, however, discounts for buying 3+ tracks/cars at once.
As the previous poster said, I would recommend buying through iRacing rather than Steam (you still get a Steam link code to show you in-game and record your activity).
They are adding a new F1 car next year, but i doubt participation will be high.