With the British Grand Prix just around the corner – and having just launched our brand new car insurance comparison tool – we’ve started to lust over speedy cars.
Have you ever wondered how much a Formula 1 car would set you back? Experian’s Darren has all the answers…
When the majority of us think about buying used cars, we normally look for a well-maintained, roadworthy motor in good condition with a solid history.
On the other hand, there are also people out there who are perfectly happy to buy a car that has been thrown around at 200mph, sliding and scraping barriers, and has perhaps even survived being almost totalled in a crash.
Yes, welcome to the world of looking for second-hand Formula One cars.
In most cases, if you are going to buy a used F1 car then you would imagine you would have to either be very rich, or need to save up for an awfully long time. But if you really wanted one, just how possible is it?
Some of the sport’s biggest names have come to realise the value of their heritage and have even gone into direct customer sales.
Ferrari took up sales as a structured part of their business in 2004 – you’ll probably need a minimum of $1m to get even the most basic ex-F1 car from them.
Once you have shown an interest, you’ll be invited to their legendary Maranello facility and their unique customer F1 dept, which stocks around 60 cars at a time. Buyers tend to be high-flyers like film stars, ex-racers and film stars.
But it needn’t cost seven figures, or even six, to buy a bona fide, used Formula 1 car – even a successful one. A 1998 Benetton, which bagged a pole position for Giancarlo Fisichella, could set you back just £75,000 at a licensed retailer like F1 Sales with rolling chassis (minus engine and gearbox), while a grand-prix winning Tyrrell 008 from 1978 was recently sold for just over £100,000 by Race-Cars.
The vast number of Formula One entrants in the early 90s mean there are bargains aplenty if you don’t mind going for less successful models – at Race-Cars you could have even got a mid-grid 1994 Pacific rolling chassis for £37,500.
The scraps, scrapes and history of these cars are well-documented – but when you’re buying a used car for everyday use, a car’s history can have potential hidden pitfalls, from outstanding finance that you may be liable for, to damages through being written off.
Many of us have a particular model in mind when we’re choosing a used car, but before you fall too much in love with the car of your dreams, ensuring its history is in tip-top condition by completing an Autocheck will give you confidence in what you are about to purchase.
Of course, if you are looking for a used car deal of any kind, whether it’s a former Grand Prix racer, a weekend hatchback or a school-run family car, it is vital to have a good credit history. Your credit history is important because it forms part of the information lenders use to decide whether to give or extend credit, and on what terms. You can get unlimited Experian Credit Scores and credit reports for free, with a FREE 30-day trial of CreditExpert. Don’t forget to insure those wheels too!
And then while you’re watching this year’s F1 cars battle for supremacy at Silverstone, it might be worth thinking: one day, one of these just might be mine.
{Image: Amanda Longhurst}
