I have a base model Cobalt LS 2006 with steelies. I've decided I want to keep the steelies for now as it better reflects the nature of my build but I was wondering what's the widest, best performing tire for dry I can fit on my steel wheels. I know if you go too wide for a given rim it can hurt performance. I am not trying to do that. I don't even know if I can go wider than the stock 195 tire but that is why I am posting here to figure out.

Anyway, anyone who is knowledgeable on this subject I would appreciate your feedback.

 

I use a 195/50/15 Bridgestone RE-11a on my tercel, there's lots of really sticky tires out there in small/normal sizes.

Look into the new RE71-R, it's a monster of a tire. Basically a DOT R-comp.
Tire rack shows them in a 205/50/15, which would fit on your wheels but be a little shorter overall. Better for performance, but might looks small on the stock wheels unless you're lowered a good bit.

 

Any size close to stock 24.2" diameter doesn't offer much for performance models, but we have used 205/60R15 (min. 5.5" wide wheel) and 225/55R15 (min. 7" wide wheel) at stock ride height safely