How much money you need to build a Formula One car? According to some estimates, at least $12.2 million is required to build an F1 car. The FIA have made a number of changes in every season about the car designs. As a result, the cost of car is increased with new season.
The first thing to be kept in mind is that bigger F1 teams such as Ferrari, Mercedes, Red Bull and McLaren spend budget almost $400 million a year to develop the best cars for the season. This includes the cost of staff members, mechanics, engineers and drivers. But not all the team budget is the same, some of them allocate the budget from ($250 million – $350 million) each year.
Formula One cars are built with powerful engines that can produce great on-track speed. The engine is one of the most expensive parts of the F1 racing car since it is the most delicate. The average price is $10.5 million which varies on the demands of the racing team managers and owners. F1 teams like Mercedes, Ferrari, and McLaren will definitely get help to reduce the cost of engine.
When the car picks acceleration on the track, wings play the important role in the balancing during the turns. Around $235,000 is required to build a better front wing and nose cone, some teams use less budget front wings which may cost them $150,000. The rear wings will cost around $85,000 if they are upgraded from a better manufacturers.
The actual control of the car is through the steering wheel. The cost of the steering wheel ranges from $50,000 to $100,000.
The average formula one car used almost ($500,000) petrol during a season. Almost 200,000 litres in a single season during practice session and racing session. Fuel tank cost ($140,000) and some maintenance cost required for the it because a single mistake cause major fire damage during the car.
The gearbox is another important component in the formula one cars. The cars mostly use highly sophisticated semi-automatic, seamless shift gearboxes. The gearbox cost maximum to a F1 team almost $440,000. But some teams upgrade them before the season began to get better performance which cost them an extra $160,000.
There are three types of tires were used during the race. Report published about the Formula One tires say that a single set costs $1715. The maximum limit of the tires used on the tracks were upto 20,000 miles.
A single accident cause major damage to the car on track. Some reports came in 2015 and 2014 about the damage inflicted upon Formula One cars. The reports claimed that repairs can cost upto $550,000. This includes rear wings, front wings, chassis and some parts of engines.
The structure of f1 car, also known as the carbon fibre monocoque cost $650,000. Few racing teams go for normal body structure instead of expensive one.