Is the game worth it?
I’d say that depends what you’re looking for. Personally, I love the driving feel, and for hot lapping and free play, this is a pretty decent game. It has problems, but the driving brings me joy at least. If you are looking for a big career or some top notch public multiplayer, this might not be the right game for you.
You can always take advantage of refund policies to get a couple hours of test drive with it before you decide to commit or refund.
Is the DLC worth it?
Honestly, you wouldn’t be missing much. You can check this list to see which cars are in the two packs (Car Pass contains 30 mostly race cars, Race Day Car Pack contains 8 race cars). There aren’t really cars without equivalent in the base game.
With the Premium Edition, you pay about 0.8€/car extra. Compared to the individual cost of 3€/car it’s a steal, but compared to the I-don’t-care cost of 0€/car it’s daylight robbery.
Which edition should I buy?
In a nutshell, if you don’t care about the extra cars, buy the Standard. It’s always going to be cheapest.
If you do care about having the cars, buy the Premium. Premium gives you the two packs, plus VIP for extra credits. VIP is a nice bonus though I wouldn’t pay additional money for it.
As far as pricing goes, generally:
Disclaimer: your priceage may vary, always check your prices locally
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Cheapest, period: Standard. No DLC, no VIP.
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Cheapest with all the cars: Premium Edition. If you don’t want to commit to the full price now, Standard Edition now + Premium Bundle later would be a little more expensive but still the second best option. Either way, you get VIP.
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For the Car Pass only: Deluxe Edition is cheapest. No VIP.
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For the Race Day Car Pack: Standard + Race Day Car Pack is generally cheapest, no VIP (though current Spring Sale on Steam makes Premium Edition cheapest anyways, and you get VIP)
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For just five individual cars or less: Standard + individual cars, no VIP.
(Note: with the current Spring Sale, the Standard, Deluxe and Premium Editions are 35% off, but the DLC and bundle aren’t. This is relevant if you were to only buy the game + Race Day Car Pack as noted.)