V is much better in the handling department. I stopped playing IV because it was too boat like and unrealistic
Damage on the other hand is a trade off
IV huge visual damage but car only stopped working after engine was damage. If wheel got jammed you could still do a decent speed
V Less visual damage but more realistic, Body parts can come off including wheels.
ex. In V Driving my Comet full speed and a bus pulled out. I hit the front passenger side and ripped the fender and wheel completely off disabling my car. In IV I would of just drove off with a deformed front end.
V can have deformation but it takes a huge impact
ex. By Trevor's house I parked the Journey on the train tracks. There was very little that was recognisable after the train had its way.