We already have those... They are called sparks... They aren't that GPU or CPU intensive and they add quite a bit to the gameplay. Some time ago there was a lot of particles, but they ended up being removed due to the performance issues and the crash particles were behaving weirdly.
No pieces of plastic and metal that fly off like IRL sparks have been around for years OT: I don't remember ever having particles as long as ive been with the game, I got the game long before I got a profile here
There were a lot of particles, but in case of any crash a cloud of smoke and tiny sparks + pieces of stuff would cover up the whole car an blow your GPU to bits.
oh now i know what ur talking about, yeah those were ok, but they should make some that use the graphics engine instead of cpu