Formula 1 cars are the most complex and therefore the most expensive cars in the world. Although determining the exact price of an F1 car is a very difficult task, various estimates suggest that the cost will be between 10 and 20 million dollars in 2023. However, this does not include the associated costs spent by the team for research and development and testing.
Red Bull estimates the value of the current race car at $12-15 million.
The cost of a Formula 1 car depends on the components used to build it. The cost of the parts depends on the manufacturer who sells them. For this reason, most teams try to produce most parts in-house to save costs.
Under current spending cap rules, the team can only spend $135 million for the 2023 season.
Costs associated with the different parts of the car:
Chassis: $2 million – $5 million.
Engine and transmission: $5-10 million
Electronics and cabling: $1.5 to $2.5 million
Suspension, wheels and tires: $2.5 to $4 million
Aerodynamic package (wings and diffusers): $2.5 to $5 million
Bodywork and paint: at least $1 million.
Cabin and safety equipment: at least $1 million.
Fuel tank: at least $500,000.
The carbon fiber chassis is one of the more expensive items on the list. However, it’s the powertrain and drivetrain that’s draining the budgets of most F1 teams. The price of each of the three units authorized for the season is estimated to be around $10.6 million. The gearbox costs around $400,000.
The high-tech steering wheel is $50,000 and the fender kit (front and rear) is $200,000.
Pirelli is currently the sole tire supplier, supplying each driver with 13 sets of tires for the weekend. A set of tires costs around $2,700, according to the F1 Chronicle, for a total cost of $35,000 per driver.
Although building a Formula 1 car is an expensive undertaking, the effort put into researching and developing these cars helps propel the automotive industry forward.
F1’s cost cap aims to limit the amount a team can spend on its cars in a calendar year. For 2023, this limit is set at $135 million and all teams must strictly adhere to it. The financial cap helps level the playing field between rich and poor teams.
Here is a list of costs included in marginal cost:
All auto parts
Team staff salary
garage equipment
Spare parts
Rate
Other car-related expenses
Meanwhile, marginal cost does not cover the costs of the following:
Riders salary
The salary of the three highest paid employees
Travel cost
Marketing costs
Property and Legal Fees
Entrance and license fees
Employee bonuses and medical benefits for employees
It is also important to note that since engines are the most expensive components in a car, they are covered by a different set of cost rules.
Vyacheslav Gorbachev, Athletistic
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Source: Sport
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
