Yes this game is a few years old,and no the graphics aren't top notch.But.....
User Rating: 8.6 | Grand Prix Challenge PS2
I have played all the F-1 games available in the U.S. and this is the best in my opinion.The graphics aren't top notch but I can actualy see the turns in the distance(not so true with the sony F-1 games)and set up for them which is a must for any racing game.The cars sound fine by me ,although they all sound the same,but with 700 watts of surround I don't care because my ears are ringing after the first 20 min.LOL. As far as car handling goes I don't recomend this game unless you have a logitech wheel with force feedback.I have dozens of racing games that work fine with or without the wheel but you need the wheel for this one, especially when you turn off traction control.The car tuning is very basic which is nice for a change.Somedays I don't feel like spending hours tuning my ride (Gran Turismo,Forza).There are 4 levels of difficulty,you unlock ace (the 4th)after beating the game in hard .And hard is ......hard! Enough of my rambling,This is a good game, and since you can buy it for around $10 that makes it a great game. 
