The officials of Formula 1 International has revealed the actual (average) cost of cars in Formula 1 2020 including those cars that will participate in race “Formula E” during 2020 season. According to “Sports Journal” an average cost of Formula 1 car took $7.7 million back in 2014, but the now the cost is far too difference than the previous one as its increased in new season. Most of big companies including McLaren, Mercedes, Ferrari and Red Bull spend a heavy budget each year on their cars and it has been increased to $400 million. This sort of cost is not only limited to the car hard ware, but also used on staff members, drivers, engineers and drivers.
Formula 1 cost cars has been explained below in which all important and necessary aspects are mentioned including cost of engine, win & rear wing cost, steering wing cost, fuel tank cost, tires cost and gear box cost, which is mentioned below briefly.
|Engine Unit||$7.7 million $10 million|
|Carbon fibre monocoque||$650,000 – $1.2 million|
|Front wing & nose cone||$300,000|
|Rear wing & DRS overtaking aid||$80,000 – $150,000|
|Fuel tank plus assembly||$140,000|
|Tires (Set of tires) Wet, Dry, & Normal||$1714|
|Accident Damage Cost||$500,000|
|Total Basic Cost||$15.52 million|
Carbon Fire Monocoque Cost: Normally, the structure body of Formula 1 car is made of Carbon Fiber which costs around $650,000. Mostly the companies use normal price’ carbon fiber instead of opting the expensive ones.
Engine Cost: Engine is the most important and ultimate necessary part of Formula 1 cars (even every vehicle) and all the companies try to build a powerful engine which could give a massive speed to become the champion in formula 1 race. Normally the engine costs around $10.5 Million that can be exceeded on the behalf of demand and strategy by drivers and engineers.
Tyre Cost: Tires are also important components of any formula car and play a vital role in winning a race. Many companies pay special attention on tires for their cars as lots of factors are involved. Tyre are based on three categories (Dry, Wet & Normal). A report was published back that tires cost around $100000.
Front & Rear Wing Cost: Another important part of formula 1 car is their front+rear wing which play important role while turning a turn with heavy speed. Approximately $300,000 are required to build an excellent front wing. Some of the companies don’t invest on front wing and invest around $150,000 on wings.
Steering Wheel Cost: The steering wheel costs between $50,000 to $100,000. Basically the formula 1 car is being controlled by steering wheel and it needs to be driver friendly to take on the competitor’s car by using it wisely.
Gear Box Cost: is around $450,000. Normally the companies of different cars use elite kind of gear box which are semi-automatic and seamless shift gearboxes. Mostly different teams upgrade the gear boxes which costs them $160,000 additionally.
Fuel Cost: is normally around $500,000 while a season. Approximately 200,000 liters are consumed by a single formula car during race and practice session. There are some other maintenance cost concerned to fuel tank is also included or could exceed the actual mentioned amount.