Formula 5000 – 2020 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.

1970 Leda LT20 / 22 / 25 

By 1970, Len Terry was one of the top single-seat racecar designers of the 1960s. To his credit were the race winning BRM P261, the Lotus 38 Indy car, the beautiful Gurney Eagle Formula One car, the Surtees TS5 F5000 and various Mirage sports cars. John Surtees had commissioned Len Terry to design the LT17 or TS5, which was one of the most successful F5000 cars in 1969. Terry decided to build his own Formula 5000 car for 1970, the Leda LT20. Surprisingly his LT20 was not much of a success. It was followed by the improved LT22 and then the LT25.  This brought the Leda closer to the front of the grid.  The last evolution of the Len Terry design was renamed the McRae GM-1. One of these cars was driven by a young Steve Matchett now a Speed Channel F1 commentator in Los Angeles, California. Phil Henry also drove a Leda.

1975 Lola T400

Lola cars of Huntingdon, England had won the USA Formula 5000 championship with the Eric Broadley-designed, Brian Redman-driven T332 in 1974. In an effort to try and improve on their success they designed the T400 of which 15 were built. It had new aero dynamics, a narrower nose, a new rear wing mount and engine airbox intake and a stronger foot box. The suspension was also changed with new springs and rising rate suspension technology. These cars were sophisticated but not complicated. Yet, initially many drivers complained of poor handling and reverted back to the proven T332. However, once the car was properly engineered and set up it proved itself superior to the T332 with Teddy Pilette winning the 1975 British F5000 Championship over the T332. Eventually, the T400 proved supreme. Success in the USA was to follow with cars driven by Mario Andretti, Al Unser, and Brian Redman. Today, the T400 is a fantastic car and great value to race in the historic F5000 class.

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.