Formula One (F1) 2024 cars cost, parts and tires price list and most expensive car in history

Formula One (F1) 2024 cars cost, parts and tires price list and most expensive car in history

Formula 1 is one of the most exciting and thrilling motorsports competition, involving a lot of money, find out what the average cost of an F1 car, and other aspects of the car in 2024

Engineers and designers put in a lot of time, effort, and expertise into developing and creating each Formula 1 car.

Formula One (F1) 2024 cars average cost, parts and tires price list and most expensive car in history

The F1 is the highest class of international racing for any kind of open-wheel single-seater formula racing cars.

Formula 1 2024 average cost of F1 car

While the exact cost of an F1 car is uncertain, they usually cost around $15 million USD (€15.8 million) each. For the current 2024 season, each team is allowed to spend a maximum of $135 million (€128 million) on any materials and activities related to their car performance. The FIA introduced this cost cap to level the playing field and allow smaller teams to compete at a similar level with historically bigger teams.


According to reports, some teams spent around as much as $400 million (€379 million) on the construction and development of a top-level F1 car, before the cost-cap in 2021. Following which, the FIA reduced the cost cap to $145 million (€137.5 million) in 2021 and $140 million (€132.7 million) the following year.


F1 car most expensive parts

Unsurprisingly, the engine is the most expensive part of any F1 car. Generally, all teams use the 1.6-litre V6 engine, and each team is allowed to use three of them throughout a single season. The cost of the engine is approximately around $10.5 million (€130.3 million). Other expensive parts besides the engine include:

Parts Cost
The chassis $700,000 (€663,285)
Gearbox $350,000 (€331,642)
Front and rear wings $250,000 (€236,887)
Steering wheel $50,000 (€47,378)
Halo $17,000 (€16,108)

Cost of F1 car tires

A full set of F1 car tires includes the four extra tires, and usually costs around $2,700 (€2,560). Moreover, each team needs 13 sets per driver during a typical Grand Prix weekend. This means that each team needs to spend over $35,000 per driver for each race. However, instead of paying Pirelli for Grand Prix, the FIA organizes annual package deals, and supply the same tires to each team.


Most expensive F1 car in history

There are currently no detailed records showing which F1 car was the most expensive to design and manufacture. However, several F1 cars have gone on sale after a season on the track in the past. Most notably, Juan Manuel Fangio’s 1954 world championship-winning Mercedes, the W196R, became the most expensive F1 car ever sold. It was sold off for a whopping $30 million (€28.43 million) during an auction in July 2013 at the famous Goodwood Festival of Speed.

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