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.
Single- seater F1 cars are some of the fastest machines in the world.
The car of Ferrari driver Charles Leclerc is evacuated after he crashed during the French Formula One Grand Prix.
And 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.
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