Summary
Becoming a Formula 1 (F1) driver is very expensive, often costing millions of pounds from a young age. Some current F1 drivers, like Lance Stroll, received support from wealthy families, while others, like Lewis Hamilton, had to overcome financial challenges. Today, experts and drivers say that without significant money, it is very hard for young drivers to reach F1.
Key Facts
- Lance Stroll’s F1 career was funded by his billionaire father, who also owns the Aston Martin team.
- Lewis Hamilton’s father worked several jobs to support his early racing career.
- George Russell’s family spent about £1 million over 12 years to support his racing until he was backed by Mercedes.
- Karting can cost £130,000 a year for young children and up to £260,000 by age 13.
- Racing in Formula 4 costs around £520,000 per season; Formula 3 costs £1.3-1.6 million; Formula 2 costs £2-2.3 million per season.
- Some rich drivers pay for their seats, allowing talented but less wealthy drivers to race in the same teams.
- Racing budgets have grown significantly over the past 30 years, making it harder for drivers without financial backing to progress.
- Drivers like Fernando Alonso came from modest backgrounds but finding sponsors today is more difficult due to rising costs.
