"In theory" Carenado planes should work in v5 (at least so says Carenado) - just specify your v5 folder as the install location. But I and others online have experienced problems with missing textures, engines blowing out etc./ So I expect we'll soon be seeing a series of updates.
Meanwhile, Carenado have released a one off patch to fix some avionics issues:
https://carenado.zendesk.com/hc/en-us/articles/360046625614-Installing-Carenado-aircraft-in-P3Dv5