Disclaimers: This guide was made shortly after the original release of the game and as such may or may not be outdated and/or misleading. I have not done the necessary research to say whether this guide is a bit outdated but still relavent, or if it contains outright false information. Read at your own risk.

Here is my biased opinion on all the perks:

AMOK - Unlimited turbo when health is 5 or below

Not a very good perk seeing as you have to have low health to use it and more boost isn't as good as faster boost. Topped by "Intercooler" and "Hotrod".

INTERCOOLER - Turbo replenishes much faster

A pretty decent perk seeing as the increased regen is noticable but is still topped by "Hotrod".

FIRE BULLETS - Bullets set the target on fire

Overall a good perk for dealing with cops. It's good on higher fire rate weapons like the smg ar and minigun but pretty even with "Power Bullets."

POWER BULLETS - Bullets make more damage

Just a straight up good perk.

POWER NUDGE - Use nudge for actual jumps

My favorite perk in the game, great for hopping over short building or getting out of trouble, if you are good enough can be used for a burst of speed. Combine with "No Fall Damage" for maximum results.

LOTTERY TICKET - Win up to $1000

Never used it, no idea how it works.

ESCAPE BONUS - Adds +20% to escape bonus

Great perk for once you are good and can rely on escaping every game.

FULL REPAIR - Regain full health

A great life saver and a good counterpart to extra life if you are good.

QUICK REPAIR - Gives +10HP health

A nice 'help me out' perk.

LIKE A TANK - Enlarges hitpoint capacity and strengthen the damage resistance

Easily the best perk in the game, get this asap.

CHOPPER DEFENSE - Fight the helicopter with missiles

A great perk for keeping that chopper at bay, I put it in the number 10 slot for best results.

HOTROD - Amplified turbo boost

Very powerful perk, get this asap.

EXTRA LIFE - Gain extra life

I never leave the house without an extra life.

NO FALL DAMAGE - Remove fall damage

I love this perk because it lets me be ballsy with "Power Nudge."

FAST FIRE - Increased rate of fire

Very good perk, highly reccomend with "Power Bullets" or "Fire Bullets."

BULLETPROOF - 50% of enemy bullets cause no damage

Another good perk to keep your health up. Works well with "Like a Tank."

PUSHER - Enemies explode away when colliding with player

Very good for getting the heat off of you.

MECHANIC BUDDIES - Gain +1HP when picking up buddies

Top tier perk and better than "Full Repair" because of it's endless uses.

DEATH TOUCH - Enemies die and vanish when player crashes them with turbo

More harm than good because the explosion hurts you.

DRONE - Helper drone that shoots enemies around you

A good perk to help you keep the heat off.

FAST RECHARGE - Mods recharge faster

Simple, effective, I love it.

BOMB SQUAD - An explosion kills nearby enemies when crew has been picked up

Good for keeping the heat off you in later stages where stopping means a pileup, now it means a huge explosion.

SHOCK - Electric shock is dealt to cop cars that bump into player

Eh, don't really notice it.

HEALTH STEAL - Player gets sometimes +1HP when crashing a cop car

Eh.

Here I've grouped the perks into what they generally do and ordered them from best to worst.

KEEP THE HEAT OFF!

CHOPPER DEFENSE - Fight the helicopter with missiles

These perks are generally good at keeping the cops at bay.

FAST FIRE - Increased rate of fire
FAST RECHARGE - Mods recharge faster
DRONE - Helper drone that shoots enemies around you
BOMB SQUAD - An explosion kills nearby enemies when crew has been picked up
PUSHER - Enemies explode away when colliding with player
DEATH TOUCH - Enemies die and vanish when player crashes them with turbo
SHOCK - Electric shock is dealt to cop cars that bump into player
HEALTH STEAL - Player gets sometimes +1HP when crashing a cop car

GOTTA GO FAST!

These perks are made to keep the cops off screen at all times and keep you moving.

HOTROD - Amplified turbo boost
POWER NUDGE - Use nudge for actual jumps
INTERCOOLER - Turbo replenishes much faster
NO FALL DAMAGE - Remove fall damage
AMOK - Unlimited turbo when health is 5 or below

SUSTAIN!

These perks keep your health full and far from death, or save you from it.

LIKE A TANK - Enlarges hitpoint capacity and strengthen the damage resistance
MECHANIC BUDDIES - Gain +1HP when picking up buddies
FULL REPAIR - Regain full health
EXTRA LIFE - Gain extra life
QUICK REPAIR - Gives +10HP health
CHOPPER DEFENSE - Fight the helicopter with missiles
NO FALL DAMAGE - Remove fall damage
BULLETPROOF - 50% of enemy bullets cause no damage
HEALTH STEAL - Player gets sometimes +1HP when crashing a cop car

This is it. Hopefully you've learned from this and are now a pro with 200hrs. If the devs have anything to add as for why some perks may be better then let me know and I will edit my guide.