How much does a Formula 1 race car cost?
With their cutting-edge technology and engineering solutions, F1 single-seaters are extremely costly to produce. Expensive carbon fibre components and assembly are just a fraction of the cost.
Due to the high level of technology involved - on top of expensive components and intricate engineering solutions and assembly, Formula racing cars are staggeringly expensive to manufacture.
In fact, putting an exact price on a current F1 single-seater from design to final production is extremely difficult, since the cost of each team for its development is different. Even something as basic as a set of tyres command prices of around $2,700. The most expensive components include the power unit (approximately $11million) and the chassis - usually made of carbon fibre, which has a market price of around $15 per pound (the average F1 car weighs around 1,759 lbs) so there’s nearly another $27,000.
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 anything between $12 million-$18 million. 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.
| Parts | Cost | Steering Wheel | $44,000 | |
| Engine | $16.25 million | Fuel Tank | $28,000 | |
| Chassis | $629,000 | Halo | $15,000 | |
| Gearbox | $314,000 | Tyres | $2,700 | |
| Hydraulics | $155,000 | |||
| Rear Wing/DRS | $77,000 - $136,000 | TOTAL | $17.9 million | |
| Front Wing/Nose Cone | $126,000 | |||
| Floor/Bargeboards | $126,000 | |||
| Brake Disc/Pads | $69,000 | |||
| Extra Components | $45,000 |
How much was the most expensive Formula 1 car ever sold at auction for?
When it comes to vintage Formula 1 cars, 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 won the French Grand Prix in 1954 - it was sold at auction for $30 million by Bonhams in July 2013.