Polyphony Digital has made a detailed and gorgeous game. Is it too late to jump in?

No it's not too late and the game has improved a lot since the beggining with a ton of new content!

However I would not buy a PS4 pro, I would not spend so much on a console that its approaching the end of its life cycle. I would buy a regular 500gb PS4 slim
 
PS5 will not be out for another 15 months. Even then you’ll be fortunate to pick one up before 2020. Neither do we know whether GT7 will be a launch (window) title.

You’ll also be able to carry over your GTS progress on PS5. Which will help greatly to keep community together and ease the wait. May even get a graphical upgrade on PS5.
 
ps5 is so far away and this game transformed in a year so much that I'm brave enough to say now it's the time to get ps4 and gts. prices are fairly low and to improve on GTS I recomend trying other games as well, the learning curve is different per person but only after over a year of using wheel (more less) regularly I am confident enough( with full manual & no assists on). so if you do have money to burn definitely do it now and invest more into wheel and rig rather then getting ps4 pro. for GTS it's not neccesary anyways. and when ps5 does come out (with the price estimate of $1000) it might be a slow start for upcoming games and they will be making them games ps4/ps5 compatible to start with.
 
To answer your original question, no, it's not too late. I did exactly the same as you - albeit one year ago - and I'd do the same today. I don't even have a 4k telly but we're getting one just around when the PS5 will probably drop so the screen will cushion me from my previous early adoption fetish. Skip the VR though. I haven't tried it but, at least as far as GTS is concerned, it would seem to be not much more than a gimmick. The next generation will hopefully move that side of things along.

It's a win-win!
 
It’s never too late to jump in. With all the updates that continue on coming, there’s always something new to explore doing.
 
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