How Much Does a Formula 1 Car Cost? A 2024 BREAKDOWN

How much does a Formula 1 car cost? Get a 2024 breakdown of F1 car expenses, from engines to aerodynamics, and see why these machines cost millions.

Jay Vee, MD

2/11/20254 min read

How Much Does a Formula 1 Car Cost?

If you’ve ever cringed at the cost of replacing a bumper on your car, brace yourself—Formula 1 cars operate in a different financial universe. These machines are the pinnacle of engineering, where every component is designed for maximum performance, and that level of precision comes with a staggering price tag.

I’ve always been fascinated by the sheer expense of building and running an F1 car. Unlike road cars, these machines are built and rebuilt on and after every race, with some parts lasting just a few sessions before they need to be replaced. The cost of just one F1 car can exceed $20 million, and that doesn’t even include the operational expenses required to keep it on track throughout the season.

So, how much does a Formula 1 car cost in 2024? Let’s break it down.

The High Price of Speed – Breaking Down the Cost of an F1 Car

The total cost of an F1 car varies from team to team, but estimates place it between $12 million and $20 million, depending on development, materials, and upgrades.

For a full breakdown, you can checkout Motorsport Magazine's full article HERE

Here’s a look at some of the most expensive components that make up these high-tech machines:

Power Unit (The Engine) – $10-15 Million

The power unit is the heart of an F1 car and by far its most expensive component. The hybrid 1.6-liter V6 turbocharged engine, coupled with the complex Energy Recovery System (ERS), costs between $10-15 million per season. This figure includes engine leasing costs for customer teams that don’t build their own power units.

I can’t think of another sport where engines are limited in number yet pushed to such extremes. F1 teams are restricted to just four power units per season per driver—meaning they have to balance performance with longevity. If an engine fails prematurely, grid penalties apply, making reliability just as crucial as outright power.

Chassis & Carbon Fiber Components – $700,000+

The chassis is a carbon fiber monocoque, an ultra-light yet incredibly strong structure designed to withstand massive crashes. A single chassis costs around $700,000, but that’s just the base. Additional carbon fiber bodywork, including aerodynamic parts, pushes the cost even higher.

Gearbox – $400,000

Formula 1 cars use eight-speed semi-automatic gearboxes, designed for split-second shifts and durability under high loads. Each gearbox costs around $400,000, and teams typically go through multiple units in a season.

Front & Rear Wings – $250,000 Each

Aerodynamics play a massive role in F1, and front and rear wings are constantly upgraded throughout the season. Each front wing assembly costs about $250,000, while rear wings can be just as expensive. Even small winglet upgrades cost tens of thousands of dollars.

I always find it incredible how teams bring new wing designs nearly every race weekend, often testing different configurations in practice before deciding which to race. The amount of money spent just on aero parts is mind-blowing.

Steering Wheel – $50,000

An F1 steering wheel isn’t just for turning the car—it’s an advanced control center with dozens of buttons, dials, and settings. These highly customized wheels cost around $50,000 each, with drivers often requiring multiple units per season.

Tires – $3,000 Per Set

Pirelli supplies F1 teams with tires, but that doesn’t mean they’re free. Each set costs about $3,000, and a single race weekend can require up to 13 sets per car. Over a full season, teams easily spend over $500,000 on tires alone.

Factors That Influence the Cost of an F1 Car

Research & Development (R&D) Costs

Unlike road cars, F1 cars are constantly evolving. Teams spend millions on wind tunnel testing, CFD simulations, and part development to extract every ounce of performance.

FIA Regulations & Safety Compliance

FIA rules dictate everything from car dimensions to crash structure integrity, and meeting these strict safety standards adds to the cost. The introduction of stronger roll structures and the Halo device has further increased development expenses.

Team Operations & Logistics

Building the car is one thing—transporting, maintaining, and upgrading it across 24 race weekends is another. Teams spend millions on spare parts, mechanics, engineers, and freight logistics to ensure everything runs smoothly.

How the Cost Cap Affects F1 Car Spending

Since 2021, the FIA has enforced a cost cap to level the playing field. In 2024, the cap sits at $135 million per team, which covers car development, upgrades, and operational costs but excludes driver salaries, marketing, and other non-performance expenses.

The cost cap has forced teams to prioritize upgrades rather than just outspend their rivals. I think it’s one of the best changes in modern F1—it’s made competition closer while still allowing for technical innovation.

TL;DR:

So, how much does a Formula 1 car cost? The answer varies, but estimates suggest between $12-20 million per car. The power unit alone can cost more than some hypercars, while other components—from carbon fiber chassis to advanced aerodynamics—push the price even higher.

I find it amazing how teams balance performance, durability, and budget constraints while constantly developing new parts. Whether it’s cutting-edge hybrid technology or million-dollar aerodynamic tweaks, F1 remains a billion-dollar sport driven by engineering brilliance.