F1 is unquestionably the most technologically advanced motorsport series in the entire world, featuring possibly the smartest crew capable of dishing out revolutionary advancements week after week. The competitiveness of this prime series has often pushed the teams to bring about extraordinary innovations to keep themselves ahead of their rivals.
The simpler times of Formula 1 are over; an era where priorities majorly landed on the driver’s talent rather than the performance of the car. Since the makeover in 2014, F1 marched into an era of Internal Combustion Engines, Turbo Chargers, MGU-Kinetic, MGU-Heat, and more complicated terms.
And each of the components cost a fortune, subsequently taking the overall price of an F1 car to unimaginable numbers. Therefore, here’s an interesting article that unravels the cost of a fully functional Formula 1 car in 2023.
How much does a Formula 1 car cost in 2023?
The budget cap for the 2023 season is $135 million, which is far too less than the budget teams set for building and developing their challengers in the 2010s and early 2020s. According to reports, several high-runners like Red Bull, Mercedes, and even Ferrari spent up to $400 million for their cars each season.
However, with the budget cap in place, the cost of an F1 car has significantly dropped over the years, with the estimated price currently lurking around $15 million. This, of course, doesn’t include the spare components and also the succeeding developments to the car.
Dissecting a Formula 1 car, the most expensive part of it is obviously the engine. The cost of a singular turbocharged 1.6L V6 engine is nearly $10.5 million, taking up almost 70% of the overall estimate of the car. The second-most expensive component is the chassis, which roughly costs $700,000.
How much does an F1 car steering wheel and gearbox cost?
The gearbox is certainly one of the most essential components of a Formula 1 car and costs $350,000. What lines up behind a gearbox are the front and rear wings, with each set costing approximately $250,000.
A steering wheel costs around $50,000, which is justified. Featuring tens of buttons and a display screen, the wheel basically handles the functioning of the million-dollar Formula 1 car. Not to forget, it offers drivers the privilege of making minor setup changes to the car while on track, making radio communications, collecting data, and many more interesting facilities.
The indestructible halo, which made its way into Formula 1 amid safety regulation tweaks, costs approximately $17,000. Finally, a set of Pirelli tires is worth $2,700. Teams spend the remaining money on other components like hydraulic systems, braking systems, and fuel tanks.
Overall, the above-mentioned prices are mere estimations, as the real cost is likely to vary from team to team depending on the nature of their respective components.