The 2023 Formula 1 season has concluded, with Red Bull Racing driver Max Verstappen retaining his title in a campaign marked by exceptional dominance, with few off nights or errors.
Unsurprisingly, the three-time world champion incurred the lowest cost in damages, amounting to less than half a million. The Dutchman demonstrated exceptional consistency, completing all 22 races in 2023 and securing victory in 19 of them.
The implementation of the cost cap in Formula 1 during the 2021 season has fundamentally altered financial strategies for teams, particularly in addressing repair costs.
Teams are now required to operate within a predetermined budget, implying that every dollar allocated to repairs reduces funds available for car developmental purposes.
Such costs can deplete resources intended for pivotal mid-season upgrades or even the ongoing development of the car for the following season, but it can provide a level playing field for the teams.
The cost cap for each team in the 2023 season was set at $135 million, marking a decrease from $140 million in 2022 and $145 million in 2021.
The initially proposed $175 million cost cap for the 2021 season was revised to $145 million in response to the economic challenges due to the COVID-19 pandemic.
Before introducing the cost cap, the wealthiest teams spent over $400 million per season.
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2023 Formula 1 Crash Damage Costs
The following outlines the repair costs incurred by each driver throughout the recently concluded season.
- Logan Sargeant (Williams Racing): $4,330,000
- Carlos Sainz Jr. (Scuderia Ferrari): $3,640,000
- Sergio Perez (Red Bull Racing): $3,220,000
- Esteban Ocon (Alpine): $2,990,000
- Lance Stroll (Aston Martin): $2,830,000
- Alexander Albon (Williams Racing): $2,780,000
- Kevin Magnussen (Uralkali Haas F1 Team): $2,570,000
- Pierre Gasly (Alpine): $2,420,000
- Oscar Piastri (McLaren): $2,270,000
- Charles Leclerc (Scuderia Ferrari): $1,910,000
- Nico Hulkenburg (Uralkali Haas F1 Team): $1,550,000
- Nyck de Vries and Daniel Ricciardo (Scuderia AlphaTauri): $1,520,000
- Lando Norris (McLaren): $1,450,000
- Yuki Tsunoda (Scuderia AlphaTauri): $1,250,000
- Guanyu Zhou (Alfa Romeo Racing): $1,200,000
- Lewis Hamilton (Mercedes-AMG Petronas): $880,000
- Fernando Alonso (Aston Martin): $830,000
- Valtteri Bottas (Alfa Romeo Racing): $700,000
- George Russell (Mercedes-AMG Petronas): $670,000
- Max Verstappen (Red Bull Racing): $345,000
The financial toll of Formula 1 crashes in 2023 has been substantial, with drivers and their teams facing significant repair costs. The entire grid incurred a total repair bill of $41.3 million.
Williams incurred the highest expenses for damage repairs, totaling $7,119,000, whereas Mercedes-AMG had the lowest repair costs at $1,550,000.
F1 drivers with the most expensive repairs
American driver Logan Sargeant accumulated the highest costs, primarily attributed to his rookie status and frequent collisions with the barriers during numerous race weekends, reflecting his relative lack of experience.
Sainz's most notable crash occurred during a free practice session in the Las Vegas Grand Prix, where the driver collided with a raised drain cover. Despite the incident not being the Spaniard's fault, he faced penalties due to the significant repairs his car had to undergo during that weekend in Sin City.
On the other hand, Perez may have finished second in the Driver's standings, but it came at a price. His most notable crash took place at his home race, the Mexican Grand Prix, where his RB19 sustained damage and veered off the track at the first corner of the race.
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