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I am on 245/40R19 Continental DWS06+, while ranged reduced a little, it 'feels' softer than OEM tires which I like, but visually its really hard to tell its not OEM size.
I run 245/40R19 on 19x9.5 ET25 front and ET20 rear. Traction control works just fine. Will it be as effective compared to factory sized tires? Maybe not 100%, given the parameters that were programmed into the logic are no longer correct, but it will still function when you need it to? Absolutely.