I believe that's something not hard to be made, just a lil bit of progamming and some textures layers, could be added in the next game update (Its a mid touch but increases the realism a lot)
Well, there's already a temperature read on the brakes. It would nice to see an graphical detail update, things like a supercharger whine, overheat glow, having moon and stars provide light, maybe tire screeching and after fire effects. They would make the game so much more enjoyable.
Having distorted light rays after going through hot air. That would be a little bit harder to simulate out side of the exhaust tip.
Actually it shouldn't be hard to make this, games from almost 20 years ago already had it, like Viper Racing: Look at ~5m02s of the above video (I couldn't use the "&t=5m02s" using the embedded player)
Well if you stuff a huge supercharger in it and remove the radiator, then floor it for a few miles it says that the engine block melted.