From what I can tell, there is no difference in a bug and normal
card. What makes the difference is the level although I'm not sure
whether it's the player level (stars on the card) or the challenger
level.
I have tried it out since I have a bug and normal card of the same
car. My bug card has max points but has only 15 stars on the card
and is challenger levl 7. My normal card has 23 stars and is at
challenger level 11. While driving both cars I found that my normal
card has better acceleration and cornering. When I tried to do the
same thing with the bug card, I find that I cannot achieve the same
speed or type of cornering.
If there is somebody else with a different opinion, feel free to
discuss it. I'm still wondering since this is all that I have
observed and is not confirmed.