Mines at 120 as I said earlier and I've not noticed any screen tearing in the time spent playing since, seems to work fine for me so far.
With modern flat panel monitors, the tearing is a result of the image being refreshed before the previous image has fully drawn on screen. Having a faster monitor, 120Hz for example won't resolve this issue. Forcing vsync won't fix it either if your system is not capable of maintaining a minimum frame rate equivalent to your monitor refresh rate. Try turning some of the graphics options down a notch to see if you can maintain 60fps or higher at a minimum. Once you can, the vsync options should help out. The key to it is what your system is capable of at the bottom end when the GPU is working it's hardest. For instance in heavy traffic, high res shadows, high AA etc. MSI Afterburner has the ability to log all your data and you can look at the log file to see how low your fps gets for the entire session you run on the track.
I can maintain 60 or 120fps, but have to disable vsync, the lag is bad man. Sometimes i try to convince myself I dont feel it, and sometimes it sort of seems to work in my mind lol, until im really pushing for those little tenths and half tenths here n there, then I can feel the majors delay when im really near the limit and "dancing" with the car.
Look, if you want to argue about this, feel free to PM me. But I don't think this is the place. Thanks.