Most 205/45r16 are pretty narrow for an 8" wide rim. Just about all 205/45s aren't even rated for a 7.5" wheel. The extra sidewall of the 205/50s helps them fit better. I personally don't understand going down a size in tires when most people went to 16s to get more rubber on the ground. The 205/45 are already shorter than OEM, plus a stretch makes them even shorter, so you're basically at OEM rubber thickness or not even .5" more rubber. I'd recommend the biggest 205/45 available if going that route, especially as a daily/commuter.
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You do pickup sidewall height even with the slight stretch. I say slight because it is. Most guys here are so freaked out about stretch they do over exaggerate the extent of it.
Its so minor its almost ridiculous to be worried about it.
I am not against running a 215/45 16 either its just we do not have a lot of options unless one is willing to go to a tire that does not match the handling capabilities of our cars IMO
aka Indy 500’s while good I feel could be much better.