To my understanding the main reason is the gearing. If they topped out at highway speeds, they would be redlined and have horrible gas mileage. They also need a bit of extra power/speed to pass others as well
Also just because a car registers 140 or so on the dash, doesn’t mean that it has anywhere near enough power to do it. And on top of that, alot of cars have a fuel pump cutoff switch that activates and cuts off the fuel lines or stops you from going any faster when you go over 100+ or so MPH
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