Hey everyone, I started learning 3d last year have become decent in creating 3d models whether they are high or low polys and is well aware about the process involved in creating game optimized models and textures, lighting principles etc. I have started learning Unreal Engine from scratch because I had a dream about a car racing game and I remember how fun it was. I remember the scenes and roads, curves, mountains and every visual and have written it all down how the game looked in my dream. I have decided to make that game I saw in real, the only problem is I have a very old spare pc to work on and I don’t know much about game engines and (An i7 4770 with a GTX 1660 Ti clubbed with 16 gigs of Ram) I know the PC is not ideal for this task but I wanted to know how difficult would it be if I started to work on the project, from learning UR to actually working on the game or would it be an impossible task to begin with. It will be long long process and I will be buying a new pc only after a year or so.
I think you can probably get started with that rig 
You might need to turn off Lumen, use dx11 etc, see how it goes.
Hey @SerSpaghettiJi! Welcome to the forums and welcome to Unreal!
So yes, that should be fine to start with, just don’t expect to be doing anything over the top with graphics quite yet. Rendering can be a long process that requires a lot of RAM. You want to try to get something with a high amount of VRAM when you get an upgrade, as well as your standard RAM and processor. In the meantime, don’t import 4k textures, disable lumen, use DX11 etc for NOW. That will improve performance considerably.
I would use this time to improve your skills so when you hit a point in your project where you need to do something, you have a baseline to go off of- I suggest starting off with this tutorial, it covers a lot of the bases of UE5 that almost every game project will be in need of!