Operating an engine upside down causes oil starvation. Blue exhaust smoke will occur from oil submerging the cylinders, and the engine bearings could fail.
If a vehicle starts fishtailing from side to side, you need to countersteer earlier and faster. Using a steering wheel (or gamepad) is highly recommended.
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It's easy to run wide in corners when driving a carvehicle for the first time. Start slow, and drive faster as you get to know how each carvehicle handles.