Whether you are an avid collector of F1 vehicles or you are a serious racer, buying a race car can be a satisfying (and expensive) venture.
It will cost millions to purchase such a vehicle. On average, it costs about $14 million to build an F1 car. Even if you do have enough to cover the purchase, you still need to make the most of every penny you invest, from coil over shocks to windscreens and wheels.
With a little knowledge, you can buy a race car without much risk. Here’s a guide to help you through the process.
Find out the best type of race car to purchase
Much like shopping for shoes, you will need to find out exactly the type of race car you will want to buy. If your purpose is to collect classic race cars, look towards vintage models like the Peugeot 905 or the Ferrari 250 LM. On the other, if your purpose is to enter street races, consider a Chevrolet Camaro, a 7 BMW 3-Series, or a Le Mans Hypercar like the Peugeot 9X8. In any case, the car you choose will boil down to your personal goals.
Set criteria for the ideal vehicle
Apart from choosing the type of race car to purchase, you should also determine the specifications you are aiming for. From the tires to the type of engine, consider every single detail if you are looking to drive the vehicle around or enter professional races.
If your goal is to grow your private collection, then focus more on the aesthetics and make do with replica parts. Preparing a checklist should help you hunt down the car you are looking for.
Consider getting insurance for your race car
As a motorsport enthusiast, you will protect your asset from future damages. For this reason, you need to look for insurance coverage that’s appropriate for the type of vehicle you are going to purchase. If you are a racer, consider getting off-track coverage and comprehensive key-off coverage to secure your vehicle from storage right down to the day of the competition.
For classic cars, basic coverage won’t be enough, opt for a classic or collector insurance policy. A number of insurers provide such cover, so make sure to compare auto insurance quotes and find a policy that meets your budget and the appraised value of your car.
Look for legitimate dealers
Once you have the resources to purchase a race car, make sure you deal with legitimate sellers. There’s a big chance that you could end up with a black market offer that was illegally acquired. Worse, there’s also the risk of buying a vehicle from shady dealers who actually sell knock-offs for the price of an original.
If you are looking around for a dealer, be careful with people who would prefer to transact discreetly. Reach out to registered dealers or get recommendations from people you know. That way, you can steer clear of getting scammed or running into legal problems.
Whether or not it’s your first purchase, a race car costs a lot of money to acquire. Consider your options and make sure you are clear with what you are looking for in a vehicle.