How much does a Formula 1 race car cost? (2024)

FAQs

How much does a Formula 1 race car cost? ›

The exact cost of an F1 car is tricky to confirm, but they come to a sum of approximately $15 million USD (€15.8 million) each, according to Red Bull.

The 2021 cost cap was $145m. It reduced by $5m to $140m in 2022, but that was tweaked mid-season as inflation soared worldwide, giving teams an extra 3.1%, or $4.3m (£3.6m). The cost cap calculations were based on a 21-race calendar, so teams also got an extra $1.2m allowance for each additional race.

Vehicle, office and utilities payments are around $6 million with a further $4.5 million of miscellaneous costs. Capping it all off is a payment of around $1 million for insurance. In total, the annual operating cost of an F1 street race is in the region of $57.5 million.

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.

The Chinese Grand Prix is the cheapest f1 race to attend with an estimated average ticket price of $199. Before the Grand Prix of China was added back to the calendar in 2024 the Hungarian Grand Prix was the cheapest with an estimated average ticket price of $207.

Both NASCAR and F1 are undeniably expensive endeavors, but F1 stands out as the more financially demanding of the two.

The prominent level of engineering and new technological advances of new sports cars make formula racing the most expensive sport.

Liberty Media bought F1 from CVC Capital Partners in 2017, a deal which saw Bernie Ecclestone removed as chief executive of Formula One Group, and is now taking over motorbikes premier series, MotoGP. The acquisition is expected to be completed by the end of 2024, subject to clearances and approvals by law authorities.

This year's Campus Pass starts at $150 per day or $450 less than the $590 asked last year. This option does not include an assigned seat. However, if you'd like to have a seat, tickets skyrocket in price for the Grandstand tickets, which start at $600 and go up as high as $1,225.

How much worth is a Formula 1 car? ›

What is the cost of an F1 car? The exact cost of an F1 car is tricky to confirm, but they come to a sum of approximately $15 million USD (€15.8 million) each, according to Red Bull.

A set of wings can cost around $200,000; some steering wheels can be priced at $50,000, according to Red Bull. An engine could even cost a whopping $10.6 million. The cost of a Formula 1 car hovers at around $15.9 million, but this is an estimate, states Red Bull.

Formula 1's $2.5 billion in revenue is driven by record attendance and global viewership. Formula 1 Racing is a billion-dollar organization, and you need money to get in and stay in the game.

In essence, while both series offer thrilling racing and showcase incredible technical prowess, the financial disparity between NASCAR and F1 is evident, with Formula 1 reigning as the more expensive and financially demanding of the two.

“I think, all in right now, now this is a rough estimate, but I think it's closer to accurate than not, the Next Gen cars probably, all in, with the parts, pieces, all the other stuff you have to purchase to actually make it roll and a driver sit in it, we're probably around $350,000."

While this is certainly fast, F1 cars aren't quite the fastest single-seaters – that accolade goes to IndyCar. That's because F1 isn't as quick in a straight line, though their focus on downforce and cornering speeds means that F1 cars are generally faster over an entire lap.

The Real Deal—an actual F1 car

An F1 team may spend $145.6 million (just adjusted for higher transportation costs plus inflation) in the 2022 season, but all of the team's expenses (minus driver salaries and a few other exceptions) must be met from that.