It certainly takes a lot of Money to build a Formula 1 car, isn't it? Many have estimated that at least $12.2 million is required to build an effective Formula one car.
The FIA has made many changes to the design which has led to an increase in the cost of the car with each season.
The bigger F1 Teams such as Ferrari, Renault, Mercedes, Mclaren, and Red Bull spend a huge amount of their budget which is estimated to be around $400 million a year to develop the best cars for the season.
The stated amount also includes the salaries of staff members, Mechanics, Engineers, and Drivers. There are different budgets for every team like for the bigger teams, the budget will be very high but for smaller teams, the budget will be around $250-$350 million every year.
Formula One car engines are built in such a way that they produce amazing on-track speed. The most expensive part of a Formula 1 car is the Engine because it is the most delicate.
Wings play a very important role when the car picks up acceleration on the track. The wings cost around $2,35,000 to be built in a perfect manner. The much-needed control for a Formula 1 car is provided through a steering wheel which costs around $50000 to $1,00,000.
Around 2,00,000 Litres of petrol is used by a single team during practice and the Racing session. The fuel tank roughly cost around $1,40,000 along with some maintenance fees to ensure there are no hiccups during the race.
The gearbox is another important feature of a Formula 1 car. The cars use highly sophisticated semi-automatic gearboxes. It costs around $440,000 but should some teams choose to upgrade it before the season starts, they will have to endure extra cost which will come about $160,000.
A single set of tires costs $1715. The maximum limit which is used on the tracks were up to 20,000 miles. If there is significant damage caused to the car during the race, then the cost of repairing will be around $550,000. The structure of a Formula one car costs around $650,000.
The cost structure can be divided as follows:
Front wing: $1,50,000
Set of tires: $2,700
Steering wheel: $50000
Engine Unit: $10.5 million
Fuel Tank: $1,40,000
Carbon Fibre: $6,50,000
Total cost of a Formula 1 car should be: $12.20 million