What are essential emulator specs for budget-conscious newbies for racing games from old to recent?

[GrehnanSonddj]

I'm a newbie to emulators and am focused on racing games. I've lowered my expectations and narrowed down my goals, and I'm seeking guidance on the essential emulator specifications for running as many old and new racing games as possible, from as far back as I can find to as recent as PS1, Xbox 360, and PSP. I understand that an emulator for games newer than these might developerbook chatrandom require a bigger budget. Can you help me? Thank you.