Formula 5000 was a racing series for open-wheel, single-seater 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 between 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 joined forces 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 five-liter Chevrolet V8 that could put out a reliable 550 bhp and 425 lbs-ft of torque at 8,000 rpm. In fact, the series’ last five seasons would have been an all-Chevrolet victory party if not for Jackie Oliver winning at Road America in 1976 with a Dodge V8-powered Shadow DN6.
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 the championship 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.
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 percent in other countries, depending on local market appeal, currency rates, import duties, and VAT.
| Make | Model | Acceptance | Level III | Level II | Level I |
| Begg | FM2,FM4,FM5 | 3 | $65,000 | $80,000 | $110,000 |
| Caldwell | D8 | 3 | $60,000 | $75,000 | $100,000 |
| Chevron | B24 | 3 | $80,000 | $100,000 | $135,000 |
| B28 | 3 | $80,000 | $100,000 | $135,000 | |
| B30 | 3 | $80,000 | $100,000 | $140,000 | |
| B37 | 3 | $80,000 | $100,000 | $140,000 | |
| Cooper | T90 | 3 | $60,000 | $80,000 | $95,000 |
| Crossle | 15F | 3 | $60,000 | $80,000 | $100,000 |
| Eagle | 1968 | 3 | $60,000 | $85,000 | $110,000 |
| A73 | 3 | $70,000 | $110,000 | $145,000 | |
| 755 | 3 | $80,000 | $115,000 | $155,000 | |
| Elfin | MR5, 6, 8, 9 | 3 | $75,000 | $110,000 | $125,000 |
| Leda | LT20, 22, 25 | 3 | $70,000 | $95,000 | $120,000 |
| LeGrand | Mk7 | 3 | $45,000 | $65,000 | $75,000 |
| Lola | T140-142 | 3 | $55,000 | $75,000 | $90,000 |
| T190 | 3 | $60,000 | $75,000 | $100,000 | |
| T191, 192 | 3 | $60,000 | $75,000 | $100,000 | |
| T300 | 3 | $70,000 | 100,000 | $140,000 | |
| T330, 332 | 3 | $85,000 | $125,000 | $180,000 | |
| T400 | 3 | $80,000 | $120,000 | $165,000 | |
| Lotus | 70 | 3 | $75,000 | $115,000 | $140,000 |
| March | 73A | 3 | $70,000 | $95,000 | $115,000 |
| 74A, 75A, 76A | 3 | $75,000 | $110,000 | $140,000 | |
| McKee | Mk8 | 3 | $60,000 | $85,000 | $100,000 |
| Mk12, 18 | 3 | $60,000 | $85,000 | $100,000 | |
| McLaren | M10A, B | 3 | $75,000 | $110,000 | $140,000 |
| M18 | 3 | $75,000 | $110,000 | $140,000 | |
| M22 | 3 | $75,000 | $125,000 | $150,000 |
| Make | Model | Acceptance | Level III | Level II | Level I |
| McRae | GM1 | 3 | $75,000 | $110,000 | $135,000 |
| Shadow | DN6 | 3 | $75,000 | $100,000 | $125,000 |
| Spectre | HR-1 | 3 | $55,000 | $75,000 | $90,000 |
| Surtees | TS5, TS8 | 3 | $65,000 | $85,000 | $115,000 |
| TS11 | 3 | $70,000 | $90,000 | $125,000 | |
| Talon | MR1 | 3 | $60,000 | $80,000 | $105,000 |
| Trojan | T101 | 3 | $75,000 | $100,000 | $115,000 |
McLaren M10A-B
Bruce McLaren’s company had considerable success in Can-Am racing, and had started venturing into Formula One with its M7A, when McLaren’s design team, which included Gordon Coppuck, decided to build the M10A F5000 car. The M7A was modified to accommodate the 5-liter Chevrolet V8 and Hewland LG600 gearbox. The M10A was a more sophisticated monocoque design than its rival, the Lola T140, which had a simple spaceframe. McLaren’s build and design standards were first class, and this was reflected in the much higher price charged. An M10A was entered for Peter Gethin in the British series. Gethin won the championship over Trevor Taylor’s Surtees TS5, but only at the last race of the year.
In the United States, Sam Posey ran an M10A with considerable success only losing out to the Eagle of Tony Adamowicz. In 1970, the much-modified M10B was introduced with various improvements and the lighter Hewland DG300 gearbox. McLaren’s success continued in Europe with Peter Gethin winning eight races. Other notable drivers were Graham McRae, Howden Ganley and Reine Wissel. Seventeen M10As and 21 M10Bs were built by Trojan, McLaren’s division for customer cars. Today, these cars are a shining example of McLaren’s technical achievements, and a joy to see run.
1972 McRae GM-1
Graham McRae and Len Terry combined talents to develop the Leda LT25 into the LT27 and ultimately the McRae GM-1 F5000 car. This car, with the talented McRae behind the wheel, became dominant during the 1972 season. It was well engineered and immediately successful. McRae won the Tasman Championship in New Zealand in 1972 and the U.S. Championship as well. He even won races in Europe where he finished 3rd in the championship. McRae built 14 F5000 cars that year. They were driven by such names as Trevor Taylor, Brett Lunger and Vern Schuppan. The combination of Len Terry and Graham McRae made this car the one to beat for the 1972 season, as it won nearly half of the races entered. A wonderful story of a great designer working with a great driver to produce winning results.
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 |
