I don't think iRacing is very demanding even in VR?
I'm thinking about building a new PC sometime soon. Currently still rocking the PC I built in 2010 (11?). It holds up well considering. i7-2700k, 16GB DDR3, EVGA 770 4GB (my only upgrade, from the 570 I originally built it with). But I'd like to get into VR/UltraWide and/or 4K stuff, so I'm thinking maybe do it a little at a time. New MoBo, Processor and RAM (and maybe AOI water cooler?) and going to M.2 boot drive, while keeping the 770, case, multiple SSD's and HDDs, and PSU (850W, should be good until it dies) for now, and going 20xx route later once prices start to come down (if ever).