After some 50 years of automobile racing, the Grand Prix Formula or Formula One was formed by the FIA (Federation Internationale de L’Automobile) in 1950 with its first race, the British Grand Prix at Silverstone. This was to be the first world drivers’ championship, in the world’s most technically advanced single-seater racing cars. In 1958, the world constructors’ championship was added. Now one would at last know who the best driver in the world was as well as which manufacturers had constructed the best racing car. FISA was Formula One’s administrative body, which saw that everyone played by the ever-changing rules. In this guide, I am going to cover the period 1966–1983 for cars built to a 500-kg to 585-kg weight minimum, and powered by 3.0-liter normally aspirated engines.
Formula One started from very humble beginnings. Teams were comprised of a group of talented people working out of small garages, trying to find the money to go racing. During this time frame, the miracle of the racing sponsor was created, and teams grew in size. Great inventions were designed, such as the 3.0-liter Cosworth DFV engine, the slick racing tire, and aerodynamic aides from simple wings to full ground effects. This was the beginning of the English racing car industry with manufacturers who relied heavily on Cosworth engines and Hewland gearboxes and the racing comeback of Alfa Romeo. World championship drivers included Andretti, Brabham, Fittipaldi, Hill, Hulme, Hunt, Jones, Lauda, Piquet, Rindt, Rosberg, Scheckter, and Stewart.
Today, historic Formula One races are run by the U.S.-based HGP (Historic Grand Prix), which allows cars to run from 1966–1983 with 3.0-liter, normally aspirated engines and no sliding skirts. In Europe, there is the FIA Historic Formula One Championship (formerly Thoroughbred Grand Prix), which allows cars to run until 1985, but also non-turbo and with no sliding skirts. The GPM (Grand Prix Masters) allows cars to run through 1977, which are non-turbo, non-ground-effect cars. While the Monaco Historic Grand Prix is for cars 1977 and older.
1978 lotus 79
The Lotus 79 was designed by Colin Chapman, Martin Ogilvie, Tony Rudd, and Peter Wright of Lotus. It is considered by many experts to be one of the most significant racing car designs of all time. It was the first racecar to take full advantage of ground effects and aerodynamics. It was also the first racecar to be designed using wind tunnel and computer design aids, which included trackside computer analysis. Powered by the Cosworth DFV mated to a Hewland FG400 gearbox, the Lotus 79 was virtually unbeatable during the 1978 Grand Prix season, winning the Constructors’ World Championship for Lotus and the Drivers’ World Championship for Mario Andretti. In 26 races, the Lotus 79 had 10 pole positions, 7 race wins, and 121 points. It was credited as bringing Formula One into the aerodynamic era.
1974 ferrari 312 b3
The early 1970s brought success back to the Ferrari Formula One team. This started with the design of the 312B, which evolved into the B2 and B3. The change from an upright V-12 engine to the flat, “Boxer,” 12-cylinder engine yielded a lower center of gravity and better aerodynamics. The signing of designer Mauro Forghieri, drivers Niki Lauda and Clay Regazzoni, and team manager Luca Di Montezemolo, completed the new Ferrari team. To be certain of success, Ferrari even dropped its sports car program at the end of the 1973 season to concentrate solely on F1. During the 1974 season, Niki Lauda with the 312B3 was the dominant and fastest driver, but reliability problems put him out of the running for the world championship. Teammate Clay Regazzoni finished 2nd in the Drivers’ World Championship only losing out to Emerson Fittipaldi’s McLaren in the last race of the season. Ferrari was back on top. Good things were to follow with the Drivers’ and Constructors’ World Championships going to Ferrari in 1975. This was a brilliant time for Ferrari, and those of us who were there recall the sights and sounds of a red Ferrari “Flat 12” winning races.
Criteria Used For Assessing Valuations for this Guide:
- Degree of Originality
- Overall Condition, Restoration
- Technology, Design, Coachbuilder
- Production Numbers/Rarity
- Competition History
- Ownership History, Documentation
- Modern Event Eligibility
Regional Variances
The prices stated in this guide are based on U.S. values. The values of historic racing cars can vary as much as 25%-35% in other countries, depending on local market appeal, currency rates, import duties, and VAT. Most of the time, we are able to document known sales or closed escrows, as they say in real estate. When this is not possible, a logical estimate of the car’s value is given, based on its sales history and relationship to cars of its type.
The prices stated in this guide are based on U.S. values. The values of historic racing cars can vary as much as 25%-35% in other countries, depending on local market appeal, currency rates, import duties, and VAT.
LEVEL | VALUATION CATEGORIES |
|---|---|
I | The best combination of all criteria. |
II | Satisfies mid-range of criteria. |
III | In need of restoration. Meets only a few points of criteria |
