I have one Reflex Silver, and think it suits the car as it goes with non-colour coded side skirts. I also think it shows up the red around the grill and the red callipers. Plus it is really easy colour to keep clean if you are not into that in a big way.
It's a very personal thing. It's like asking whats the best hair colour for a girlfriend!
Personally I think Red and Black are the two best. I'd choose red as black is very difficult to keep clean.
White also looks the nadgers but is a gutsy choice as it may affect resale value (outside of the enthusiast circle obviously).
I think Steel grey looks okay (lovely colour but not 100% it suits the GTI), and ditto for the laser blue.
Personally I think silver looks crap on a GTI. Came up behind one the other day and I honestly thought it was a 1.6 until I spied the twin pipes. The grey bumpers really cheapen the silver one and make it look like a base model, especially if its on the standard 17's.
Other people obvioulsy dont agree though- and it's be a boring world if they did!
Like most people are saying, it's purely a matter of personal taste, FWIW, my favourite colours are;
1.) Steel Grey: Complements the Interlagos interior and the grey insets of the 18" Monza IIs a real treat. Doesn't show up the dirt that much but can look a bit flat if it's not kept clean and shiny.
2.) Black: Looks great but, with all black cars, really shows up the dirt and looks awful when it does. Must be kept clean.
3.) Graphite Blue: Looks really nice with the red bits.
At the other end of the scale, some people are saying that white is the new black. Mmmmm.... don't think so! Do you really want your GTI to look like the works van? Having said that, I know some of you have gone for white - one thing's for sure, you've got [email protected].
And think about the resale when you choose. Some colours will be a lot harder to get rid of than others.
Deffinately white. Looks great with the black grill and isnt as bad as youd think to keep clean. I have white vans and they dont look too dirty until you clean them and you realise that they were. I have a Tornado red TDI and that is a sod to keep looking nice.
I agree that the silver looks rubbish on the GTi, a cop out colour if you ask me (sorry, but just what I think), the steel grey is nicer but there are a few about and there are a lot of black ones. Its not always obvious they are GTi's as the grill blends in to well.
If I was going to get a GTi I would have a white one no question, with the chequerd cloth trim....very nice if you ask me. I wouldnt go back to leather as I hated it in hot weather, when you just get swetty while waiting for the climate to catch up! That wet back feeling when you get out is grim, and I'm no fat swetty slob of a man either so cant blame it on that!
If the VW Racing stand at GTI International was anything to go by then Steel Grey is THE colour to have 
Had a quick chat with Barbara Armstrong who was giving that poor brand new 300 mile old GTI a right thrashing on that course. She said it handles rather good in standard trim. Gotta say it didn't roll as much as I thought from the outside.
i have a white one and think it looks the bogs dollocks in a retro way, it shows up all the GTI touches best. It really isn't hard to keep clean at all, it just looks 'less white' when dirty and you only really notice how dirty it was when you clean it (if you get me)
Personally i couldn't give a toss about percieved resale value, i worked hard to get it and white was the colour i wanted, not what i think someone else might want later down the line.
One question ALWAYS guaranteed to cause lengthy debates. It's always personal choice, tho hopefully it'll help you decide which way you wanna go.
Personal thoughts on several of the colours:
Red - loud as fsck! Hides the ride trim around the grill. Looks good. Nightmare to photograph (red always is - tends to go orange, pink or just off colour). Fairly easy to clean - and you get seen a mile off in it 
Black - Looks truly awesome, and is the colour I have. A true mofo to keep clean, and to avoid swirls - which really annoys me like you'd not believe. Strong and subtle, far less loud than the red (reason I went for it in the end )
Steel Grey - looks AWESOME in the sun as Chungster says. In winter, or poor light or what not, looks bland and bloody awful in my opinion. It's just flat, and lifeless - NOT what the GTI is about!
Reflex Silver - On all MK5's this looks pap - to me it looks miles whiter, paler, and just soft. Looks naff on a GTI.
Dark Blue (I forget it's official name) - doesn't look bad, but I suspect it's an acquired taste.
Candy White - a very bold colour - GTI to the core. Requires constant cleaning though - don't do it enough, and you'll find the lower door panels/etc start going yellow (I've seen this on a couple). It's not permanent and cleans up fine - but it looks like an old dear's teeth or something. Also a fairly rare sight!
Most important point for the GTI tho - get the 18s for wheels. The 17s are a let down beyond belief in my opinion - too flat, white, and plasticy.
It's personal choice in the end. I've got black, which is evil to clean but looks awesome. I like the red and have seen a few on the way to and from work through Windsor great park. Saw a white one, which, is OK, not as bad as I thought it might be. Silver is nice, but, doesn't look quite right for a GTI.
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