How much does a Formula 1 race car cost? Price and engineering development
With their cutting-edge technology and engineering solutions, F1 single-seaters have an extremely high value that is difficult to determine exactly.
Due to the high level of technology and engineering solutions that they feature, Formula racing cars have a very high value that is hard to imagine.
In fact, putting an exact price on a current F1 single-seater is extremely difficult, since the cost of each team for its development is different. For the 2023 season alone, a team can spend around $150 million - this includes transportation costs and team expenses (less driver salaries and some other exceptions).
Calculating the car cost
Considering that the research and development expenses are different in each team, it is tough to calculate the exact value of each Formula 1 car. However, taking into account what certain elements cost, it can be deducted that the price is extremely high.
For example, the steering wheel, which has been an entire computer for a long time, is priced at $50,000, a set of wings (front and rear) around $200,000 dollars, depending on their complexity.
These figures, which are extremely high, are the most affordable, so to speak, because the chassis, engine and transmission are the most expensive components. It is said that the price of each of the three units allowed per season is around $10 million.
Another way to deduce the price of an F1 car is the repair costs after an accident. Remember last season, the mishap by Guanyu Zhou had a repair cost of $2.7 million for Alfa Romeo.
How much does a Formula 1 car cost today?
If these figures are taken into account, it is possible to deduce that a Formula 1 racing car from the 2023 season is worth between 12 and 15 million dollars. Even the display or scale units of the single-seaters have extremely high prices. Without having a real size and much less a genuine power unit, an official F1 at 1:8 scale has a price of $178,000.
How much was the most expensive Formula 1 car ever sold at auction for?
When it comes to an old Formula 1 car, prices are also more than six figures- proof of this is the record for the most expensive single-seater offered at auction. It is the Mercedes-Benz W196 with which Juan Manuel Fangio became champion in 1954: it was auctioned for $30 million.