F1 Car cost 2020 : The F1 cars are pretty expensive, and teams spend millions to produce and develop them.
The Formula 1 cars are some of the fastest beasts in the world, with speeds consistently crossing 300 kms/hr. And naturally, they cost a huge amount of money to be built. The cost mostly depends on how much the teams are willing to spend on its development. Traditionally, F1 giants such as Ferrari and Mercedes spend the most, with cost estimates over $400 million. On the other hand, minnows like Haas spend less than what the two giants spend on it.
But to level the playing field, and make the races more competitive, the FIA has come up with a cost cap to be implemented in the upcoming seasons. As per the cost cap, Constructors can spend a maximum $175m on car performance factors. This is expected to go a long way in helping smaller teams achieve more success than what are they currently.
— Mirror Sport (@MirrorSport) June 12, 2020
With the cost of constructing an F1 car being so high, it becomes extremely difficult for new constructors/teams to get into the sport. Teams also need to take into account logistics of moving these cars all over the world throughout the season and accounting for damages during a race weekend.
How much do F1 car components cost?
The Engine is the most important unit of a F1 car, and naturally the most expensive. The turbocharged 1.6-liter V6 engines used currently costs approximately $10.5 million. The actual cost, of course, depends on the plans and cost-cutting efficiency of the teams.
The Front and Rear Wings play a crucial part in balancing the car when the car goes through high-speed corner. Teams often change the design of their wings after every race, depending on the requirement of the track. The front and rear wings are approximated to cost around $150,000 and $85,000 respectively.
The steering wheel and gearboxes are there for drivers controlling the cars in the race tracks. A decent steering wheel costs around $50,000, while gearboxes cost over $400,000. The hydraulics in the F1 cars are estimated to cost around $170,000.
The Halo, a titanium structure above the car’s cockpit, is a brilliant F1 invention which protects the drivers from debris flying off from other cars. The cost of it is estimated to be around $17,000. The external structure of an F1 car, i.e. chassis is made of carbon fibre monocoque and costs around $650,000-$700,000.
|Set of tires||$2,700|
|Engine Unit||$10.5 million|
|Carbon Fibre (Chasis)||$6,50,000 – $700,000|
|Total Car Cost||$12.20 million|