Formula 1 is a complicated series that is founded on complex engineering, tough business negotiation and precise data. The Formula 1 cars are some of the fastest machines in the world, with speeds consistently crossing 300 km/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 – which varies wildly depending on how big or well-reputed that team is.
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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 they are currently.
Cost of an F1 engine:
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The Formula 1 car engine is the most important unit of a F1 car, and naturally the most expensive – it is nothing short of a technological marvel. The turbocharged 1.6-liter V6 engine currently costs approximately $10.5 million. The actual cost, of course, depends on the plans and cost-cutting efficiency of the teams and the innovation used.
Cost of F1 car parts:
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. It is an extremely integral part of the F1 car design- it is a key safety component that has driven down accidents and incidents over the years.
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The external structure of an F1 car, i.e. chassis is made of carbon fibre monocoque and costs around $650,000-$700,000.
Car Parts | Price |
Front wing: | $1,50,000 |
Halo | $17,000 |
Set of tires | $2,700 |
Steering wheel | $50,000 |
Engine Unit | $10.5 million |
Fuel Tank | $1,40,000 |
Carbon Fibre (Chassis) | $6,50,000 – $700,000 |
Hydraulics | $1,70,000 |
Gearbox | $4,00,000 |
Rearwing | $85,000 |
Total F1 Car Cost | $12.20 million |
However, a cost cap coming in from 2021 will rule that teams can only spend up to $175m on matters directly relating to performance. This means that from the introduction of these regulations onwards it will be possible to say with certainty that much of the sharp end of the grid will have spent $175m on its cars.
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