Note: These are all based upon a collection of data where each part / character is given stat values. From what I've gathered from playing and checking this information available, these are the best karts, wheels, gliders and characters.

Of course, for the competitive aspect, you're going to want more acceleration than you do for Time Trials. For Time Trials, you can go all speed and be fine. Characters are a bit more of a choice than most things, but for Time Trials you're definitely going to want to go with the Heavy tier of characters for better speed. Check out the reference link for a full list of all stats. These are what I'll be personally using, but you can choose your own combinations.

Reference: http://www.gonintendo.com/content/uploads/images/2014_5/tem.png

Best Carts:

Ground Speed - Gold Standard / Mach 8 / Circuit Special / Sports Coupe

Water Speed - Badwagon / TriSpeeder / Steel Driver

Acceleration - Biddybuggy / Landship

Best Wheels:

Speed - Slick / Cyber Slick

MiniTurbo / Acceleration - Roller / Azure Roller / Button

All Around - Slim / Crimson Slim

Gliders:

Lots of Glider Use: Super / Waddle Wing / Plane / Wario Wing / Gold

Every Other Case: Flower / Peach Parasol / MKTV Parafoil / Bowser Kite / Cloud

Best Characters:

Acceleration: Baby Characters (Mario / Luigi / Peach / Daisy / Rosalina) / Lemmy Koopa / Mii Light

MiniTurbo: Low Heavy Tier (Donky Kong / Waluigi / Rosalina / Roy Koopa)

Speed: Heavy Tier (Wario, Bowser, Morton Koopa, Mii Heavy)

Tips and Tricks: (Send me a message if you have something else. xdflames@gmail.com)

- There are tiers for acceleration, where the acceleration is the same regardless of what your point value is. If you have 3.75 Acceleration, you will have the same Acceleration as 3. So make sure you do not waste stats! The Tiers are as follows:

* Tier 1 - Acceleration 1 - 1.75

* Tier 2 - Acceleration 2 - 2.75

* Tier 3 - Acceleration 3 - 3.75

* Tier 4 - Acceleration 4 - 4.75

* Tier 5 - Acceleration 5 - 5.75

- There is a technique called "Fire Hopping" to keep a red boost for longer by jumping repeatedly. You only slow down from boosts while on the ground. Only useful on straight-a-ways. For corners, it is too dangerous to use as you will probably end up off the map.

- Keep the Super Horn if you get it and manage to get a good lead in First Place. If you're targeted by a Blue Shell and you use the Super Horn as the Blue Shell is circling, you can destroy it before taking damage. You can also use it with careful use of your BackView camera for stopping Red Shells if you can't dodge it.

- You can also use a Mushroom to boost out of a Blue shell. This is quite a bit harder than simply jumping off the edge to avoid it, or using the Super Horn to destroy it.

- Always drift into every corner. Practice on Time Trial stages if you can't get it down. To go the fastest as possible, you need to drift on practically EVERY turn.

- If you get a Coin item and already have 10 coins, save it until you're about to hit another Item Box. This way, if you get hit by an item you can immediately gain 2 coins back that you lost.