The fastest car in GTA 5's story mode is the Pißwasser Dominator.
It should be noted that this is based on the data Broughy1322 has compiled. It's a far more accurate measure for rating speed than what the game tells the player, as there are some noticeable differences between the two metrics.
For example, GTA 5 suggests that the Adder is the fastest car in the game. However, both the Z-Type and the Pißwasser Dominator are faster by a small amount. This data can be verified in-game by comparing how fast every vehicle can go from point A to point B.
The fastest car in GTA 5's story mode
GTA 5 stopped receiving updates to its base game several years ago. Hence, it's unlikely that any other vehicle is going to overtake the Pißwasser Dominator anytime soon. There is a possibility that the Enhanced and Expanded version can change that, but as it stands now, the Pißwasser Dominator is the fastest car in GTA 5's story mode.
It can go up to 126.50 mph (203.58 km/h), which is faster than the supposedly fastest car (the Adder). By comparison, the Adder's true top speed is 124.75 mph (200.77 km/h).
The game suggests that the Adder has a higher Speed stat than the Pißwasser Dominator, but that's simply not true. For those curious, the in-game files for the Adder are 99.42 mph (160.00 km/h), while the Pißwasser Dominator is listed as 91.34 mph (147.00 km/h).
However, due to the game's physics, the Pißwasser Dominator ends up being faster as demonstrated above.
The Pißwasser Dominator
The Pißwasser Dominator wasn't always available in GTA 5's story mode. It was released in the 1.18 Next Gen Release update, which meant that the Z-Type was the fastest car beforehand. For reference sake, the Z-Type has a true speed of 126.25 mph (203.18 km/h).
The Pißwasser Dominator's design is a little gaudy, but its overall good performance makes it quite the exceptional vehicle in GTA 5. Its braking leaves a lot to be desired, but it's not essential given the nature of the GTA 5 campaign.
As previously mentioned, the Pißwasser Dominator has a true top speed of 126.50 mph (203.58 km/h), which just barely edges out the Z-Type's top speed. It's also worth noting that Pißwasser Dominator is only in the Enhanced Version of GTA 5, so PS3 and Xbox 360 owners have the Z-Type as their fastest vehicle.
The fastest vehicle in GTA 5's story mode
Although the Pißwasser Dominator is the fastest car in GTA 5's story mode, it's not even close to the fastest vehicle available. It ranks as the 28th fastest vehicle in GTA 5's story mode, with the vast majority of the faster vehicles being aircraft.
There are a few faster motorcycles as well, but there are no faster cars. The fastest overall vehicle in GTA 5's story mode is the P-996 LAZER, which goes up to a whopping speed of 195.00 mph (313.82 km/h).