Ferrari, McLaren, Red Bull Racing, Williams Racing, Mercedes, Haas and Alpine are top spending teams on the Formula 1 one cars. These teams build better performance cars each season and make sure to overcome the problems they have faced in previous F1 season. There are reports regarding to Formula One car making revealed online, which indicate that a F1 car build between $10 million to $25 million depends on F1 car manufacturers budget.
| Categories | Costs |
|---|---|
| Engine Unit | $7 million – $15 million |
| Carbon Fibre Monocoque | $750k – $1.5 million |
| Front wing & nose cone | $300k – $600k |
| Rear Wing & DRS Overtaking Aid | $100k – $250k |
| Steering Wheel | $200k |
| Fuel Tank Plus Assembly | $140k – $400k |
| Hydraulics | $150k – $400k |
| Gearbox | $400k – $1 million |
| Cooling System | $350k |
| Transmission | $300k |
| Brakes | $400k |
| Tires (Set of tires) Wet, Dry, & Normal | $2.5k – $10k |
| Accident Damage Cost | $500k – $2 million |
| Total Basic Cost | $10 million – $25 million |
- Engine Unit cost of Formula 1 Car $7 million to $15 million : The cars of F1 built with powerful engine each season, to produce good speed during the race. If we talk about most expensive part of the Formula 1 car that will be engine which will cost between $7 million to $15 million depends on the spending of Formula 1 team and their budget. The top F1 racing teams demand better engines from Japanese company like Honda.
- Carbon Fibre Monocoque Cost : $750k to $1.5 million : The Monocoque chassis is one of the key structure of F1 car, which is made from carbon fibre. The main purpose of this is to provide extra protection to the drive in case of impacts and incidents that take place on F1 tracks. The carbon fibre mostly used in bodywork components like in front and rear wings. The cost of these carbon fibre monocoque rise from $750k to $1.5 million based on the development process of F1 teams and their needs to structure the car in better shape before the season began.
- Front wing & Nose Cone Cost : $600k : The best teams in Formula 1 looking for quality they don't compromise and have adjusted budget based on car development needs before the season began, front wing and nose cone cost between $300k to $600k.
- Cost of Rear Wing & DRS Overtaking Aid : $250k : The car picks acceleration on the track and one of the key roles play by wings in the balancing of the car during short and long turns on the track there are reports that some top F1 cars used better wing and drs system worth of $350k while some F1 teams spend maximum budget between $150k to $250k per season.
- Cost of F1 Car Steering Wheel : $200k : The main control of the car is hold by the driver on base of F1 car steering wheel, the cost of these F1 car steering wheel maximum rise to $375k based on F1 team budgets and the changes that want for the F1 car steering wheel.
- Cost of F1 Car Fuel Tank Plus Assembly : $400k : Fuel tank capacity and maintenance is one of the key factors in F1 cars. F1 team spend between $400k to $800k each season on petrol and as per top US media outlets reports $250k spend on during practice session. The fuel tank of f1 car cost between $140k to $400k, the figures reported based on formula one car teams basic needs on the development of their new models each season.
- Cost of F1 Hydraulics System : $400k : The F1 car hydraulics is worth of $150k to $400k, the better hydraulics assembly upto $400k. The purpose of the hydraulics system is to enable the force and quickly control the functions of high fluid pressure in the system.
- Cost of F1 Gearbox : $1 million : One of the key part of F1 car is gearbox that provide extra edge to driver during the race, the cars in F1 mostly use highly sophisticated semi-automatic, seamless shift gearboxes. The F1 teams upgrade their car parts before the new season in Formula 1, these gearbox cost between $400k to $1 million, the figures based on top spending teams of F1 and average spending teams of F1.
- Cost F1 Car Cooling System : $350k : The cooling system of F1 car worth of $350k top teams spend this much budget average team in F1 season spend upto $150k to $200k a season on car cooling system.
- Cost F1 Car Brakes : $400k : Another key part on which F1 teams spend much time is brakes for the cars. The F1 teams always find better options of brakes to make sure driver have complete control of the car on the difficult tracks and turns. The brakes cost between $200k to $400k, the F1 car spends budget according to their needs and development program of the car brakes.
- Cost of F1 Car Tires : $10k : There are three types of tires used by the Formula 1 teams during the season (dry, wet, and normal) these tires are worth of $2.5k to $10k. Some F1 teams get free tires for the season due to their sponsorship deal with tire making brands. The best tires cost F1 teams upto $10k and average tire cost reported $2.5k.
F1 cars are not insured but all teams have backup budget for new cars and for repair of damaged parts during. The accidental cost hold by the F1 teams is between $500k to $3 million a season. The basic build up budget that required to race a F1 car is between $7 million to $15 million a season that does not include upgradation of parts cost. Further details for Formula 1 Car Cost in 2024 updated here later. Formula 1 prize money at the end of the season 2024 play key role in the budget of F1 teams before new season began.