If you want great racing movies, take a look at John Frankenheimer's "Grand Prix" It's an oldie, but the cinematography is stunning for that era. Modern equivalent would be Rush. Also, while it is not about racing, I will suggest Ronin as Frakenheimer's last creation on making best car chase in movie history, probably after Bullitt. Steve McQueen's "Le Mans" was also iconic. Lots of movie related with cars, but true racing genre were just small piece of them though. With an exception of Fast and Furious franchise obviously.
There is also movie adaptation of racing comic Michel Vaillant. Really like the Le Mans scenes, which shot at the same time with 2002 Le Mans races and that is pretty cool. The entire movie however is okay I guess.
I found the NFS movie is enjoyable nonetheless, especially the stunts and crashes they were real and that what makes it a good watch. The plot is fine I think. Not stand too much, but at least there is thing going on till the end.