Ever wondered how much does an average Formula 1 car costs ? Since Formula 1 2014 season is fast approaching, today we are going to take a look at average cost involved in producing a Formula 1 card in 2014. First thing you should know that teams like Ferrari, Red Bull and McLaren has an average spending of around $320 Million a year which involves car cost, drivers and backroom staff while other smaller team do the same thing at mere $60 million a year. So cost is different for different teams.

What we are going to do is explain how much would it need on average to build a New formula 1 car ? so let’s get into the business.

Cost of Formula 1 Car in 2014 Basic Components Price Engine Unit $7.7 Million Carbon fibre monocoque $650,000 per chassis Front wing & nose cone $160,000 Rear wing & DRS overtaking aid $80,000 Steering wheel $50,000 Fuel tank plus assembly $110,000 Hydraulics $160,000 Gearbox $480,000 Cooling system $160,000 Total Basic Cost $9.4 Million

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There you have it, above is the average cost of basic components plus the big engine but to put the Formula 1 car on the circuit you need much more than just the car with basic components. following are some of the additional cost a formula 1 team has to go throughout the season.

“The engine” of Formula 1 Car:

It can cost up to $8 to $10 million depending on the team and with the new rules of F1 coming into play we have “1.6-litre turbo-charged V6 engines” which teams will be using. The new engines can cost a team easily around $14 million per car.

There are teams like Mercedes, Ferrari and McLaren who get their engine’s from Japanese company Honda will definitely get help to reduce the cost of engine. While other teams who you can call “customer teams” buying engines from Mercedes, Ferrari and Renault will have to suffer inflated prices of 2014.

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“The Tyres” Formula 1 Car

Formula 1 cars tyres are supplied by Italian tyre company “Pirelli” according to spokesman of pirelli, they spend more than a low profile teams annual budget, when supplying tyres to Formula 1 teams throughout the season.

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“The Fuel Cost” of Formula 1 Car

On average 1 team shell around 200,000 litres of fuel in a single season. Which is $440,000 a year in just fuel consumption.

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The cost of components which dont even make it to the final car ?

The research and Development:

Than there is this intangible cost, where so many components are designed in order to gain that half a second gain in performance but according to study onlu .1% components designed reached the car which hit the formula 1 track during the season.