Formula 5000 – 2021 Market & Price Guide

Formula 5000 was a racing series for open-wheel, single-seat racing cars built to a specific set of rules. The engine of choice was the venerable small block Chevrolet V8 of five-liter displacement. It started as a bright idea in 1967 and ran successfully until politics among the governing body, race organizers and team owners did it in at the end of the 1976 season.

Although there were four competitive Formula 5000 championships: the Rothmans series in Europe, the Tasman series in Australia and New Zealand, and the Tarmac series in Britain, the heart and soul of Formula 5000 was the North American series. In the early 1970s it was known as the L&M Championship after title sponsor L&M Tobacco. In 1974, the SCCA and rival governing body USAC merged to run Formula 5000. A variety of chassis manufacturers took part, but the car that dominated the later years of the series was the Lola T332.

Even though the rules allowed the turbocharged Offenhauser engine to run, the engine that dominated the series was the Chevrolet five-liter V8, which could put out a reliable 550 bhp and 425 lbs-ft of torque at 8,000 rpm.

Even though many top drivers such as Mario Andretti, Mark Donohue, David Hobbs, James Hunt, Alan Jones, Jackie Oliver, Jody Scheckter and Al Unser took part, the dominant driver one associates with Formula 5000 is Brian Redman, who won a hat trick of  championships in 1974, 1975 and 1976.

Today, Formula 5000 cars represent a lot of racing performance for one’s money. One of the most important factors in determining current market value is the cost and quality of the restoration. It is also important to note that currently, in New Zealand, Australia and Great Britain, F5000 cars have a greater following than in America and, therefore, command a greater value. This, combined with currency rates, import duties, and VAT can create a 25-35 percent premium in the estimated value of the vehicle in these countries.

Lotus 70

Colin Chapman’s Lotus cars ventured into Formula 5000 with the Type 70. The type 70 had an aluminum monocoque and was powered by a Chevrolet V8 mated to a big Hewland DG300 gearbox. Seven cars were built, one of them driven by George Follmer in the USA F5000 series. At a time when Lotus was winning the Formula One world championship with the Type 49, the Type 70 had very little success. Soon thereafter Lotus stopped building customer racing cars and concentrated solely on its Formula One program.

Dan Gurney’s All American Racers based in Santa Ana, California were also racing car constructors.  AAR ventured into F5000 with the Eagle 755.  It had an aluminum monocoque, used the traditional Chevrolet V8 engine and Hewland DG300 gearbox.  Although the car was at times competitive, the AAR Eagles did not enjoy the success in F5000 that the Eagles had in USAC, Indianapolis, and Formula One. However, any Dan Gurney AAR Eagle is a work of art, a part of American racing history, and a car to own and enjoy.

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.