A lot of time, effort and expertise goes into the development and creation of a Formula 1 car.
The key element that makes it all possible, though, is money … and plenty of it.
The Sporting News takes a look at the costs involved with an F1 car.
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What is the cost of an F1 car?
The exact cost of an F1 car is hard to confirm, but they come to a sum of approximately $15 million USD (€15.8 million) each, according to Red Bull.
For the 2023 season, teams are allowed to spend a maximum of $135 million (€128m) on materials and activities related to car performance.
This cost cap has been introduced in an attempt to level the playing field, allowing smaller teams to potentially challenge race-winning constructors.
Prior to 2021, up to $400 million (€379m) was spent on the construction and development of a top-level F1 car, per Motorsport Magazine.
The cost cap was then reduced significantly to $145 million (€137.5m) in 2021 and $140 million (€132.7m) in 2022, shrinking again for the upcoming season.
What are the most expensive parts of an F1 car?
Pat Symonds, who designed the 2005 and 2006 title-winning Renault F1 cars, broke down the cost of key parts of a modern-day F1 challenger to Motorsport Magazine.
Unsurprisingly, the engine is the most expensive component. A singular turbocharged 1.6-litre V6 engine is worth approximately $10.5m (€130.3m), with teams allowed to use three of them throughout the season.
The chassis is also notably pricey, costing around $700,000 (€663,285) to manufacture.
Reliability is key in an F1 car, so roughly $350,000 (€331,642) is invested into the gearbox, which drivers control via a paddle system.
Both the front and rear wings combine for a price of $250,000 (€236,887). That hefty sum is due to the customized nature of wings for each team.
With technology increasingly at the heart of F1, it is no major surprise that teams spend $50,000 (€47,378) on the steering wheel, which is a crucial source and distributor of data.
At the ‘cheaper’ end, $17,000 (€16,108) is typically spent on the halo, which has proved to be an invaluable and life-changing component since its introduction.
Hydraulics, brakes, and the fuel tank also add to the overall eye-watering cost of an F1 car.
How much do F1 tires cost?
A set of F1 tires - including four separate tires - is worth roughly $2,700 (€2,560) according to F1 Chronicle.
During a typical Grand Prix weekend, a team needs 13 sets per driver, meaning the combined value is over $35,000 per driver for each race.
However, teams do not pay Pirelli for tire usage each Grand Prix. Rather, the FIA organizes annual package deals, supplying the same tires to each team.
What is the most expensive F1 car ever?
There are no detailed records that outline which F1 car was the most expensive to design and manufacture.
However, there are plenty of F1 cars that have gone on sale after a season on the track, attracting big-money buyers.
Juan Manuel Fangio’s 1954 world championship-winning Mercedes became the most expensive F1 car ever sold when it was snapped up for roughly $30 million (€28.43m).
The W196R was auctioned in July 2013 at the Goodwood Festival of Speed.