FORMULA ONE cars are some of the fastest machines, with speeds consistently crossing 300km/hr – that is why they cost so much.
Naturally, the development of these cars is a huge financial endeavor due to the high level of technology and engineering practices that feature.
ReutersSingle- seater F1 cars are some of the fastest machines in the world.[/caption]
AFPThe car of Ferrari driver Charles Leclerc is evacuated after he crashed during the French Formula One Grand Prix.[/caption]
And SunSport has the breakdown of how much a F1 car can cost.
What is the cost of an F1 car?
Attaching a definitive price tag on an F1 car is extremely difficult, however, according to Red Bull, each car is estimated to cost around $12-16 million USD.
For the 2023 season, teams are permitted to spend a maximum of $135 million (£109m) on materials and activities related to car performance.
This includes transportation costs, spares, and team expenses (excluding driver salaries and engine costs).
And the cost cap is a result of the sport’s attempt to avoid spiralling costs and encourage a more level playing field.
How much do F1 car components cost?
The engine is the most expensive unit of an F1 car.
A turbocharged 1.6-litre V6 engine is worth approximately $10.5 million USD (£8.1m) and teams are only allowed to use three of them per season.
The chassis is often the second-most pricey part, costing around $700,000 to manufacture while the gearbox costs roughly $400,000, which drivers control via a paddle system.
As the central controlling unit for the entire system, teams spend $50,000 on the steering wheel.
The Halo, a titanium structure above the car’s cockpit, protects the drivers from debris flying off from other cars. The cost of it is estimated to be around $17,000.
A set of F1 tyres is worth roughly $2,700 according to F1 Chronicle. During a Grand Prix weekend, a team needs 13 sets per driver. Meaning the combined value is over $35,000 per driver, for every race.
What is the most expensive F1 car ever?
The most expensive car ever sold at auction is a 1954 Mercedes- Benz W196R, driven by Juan Manuel Fangio, Karl Kling, and Hans Herrmann.
It sold for £19.6 million in 2013, at a Bonhams auction at the Goodwood Festival of Speed.