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 5-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 Liggett & Myers Tobacco.
In 1974, the SCCA and rival governing body USAC joined forces in a co-sanction 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 5-liter V8 which could put out a reliable 550 bhp and 425 lbs-ft of torque at 8,000 rpm. In fact it would have been an all Chevrolet victory season if not for Jackie Oliver winning two races in 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% premium in the estimated value of the vehicle in these countries.
| Make | Model | Acceptance | Level III | Level II | Level I |
| Begg | FM2,FM4,FM5 | 3 | $80,000 | $90,000 | $100,000 |
| Caldwell | D8 | 3 | $60,000 | $70,000 | $80,000 |
| Chevron | B24 | 3 | $100,000 | $110,000 | $120,000 |
| B28 | 3 | $90,000 | $100,000 | $115,000 | |
| B37 | 3 | $90,000 | $100,000 | $115,000 | |
| Cooper | T90 | 3 | $70,000 | $80,000 | $100,000 |
| Crossle | 15F | 3 | $70,000 | $80,000 | $95,000 |
| Eagle | 1968 | 3 | $80,000 | $90,000 | $100,000 |
| 73A | 3 | $90,000 | $100,000 | $120,000 | |
| 755 | 3 | $100,000 | $120,000 | $135,000 | |
| Elfin | MR5, 6, 8, 9 | 3 | $90,000 | $110,000 | $120,000 |
| Leda | LT20, 22, 25 | 3 | $80,000 | $95,000 | $105,000 |
| LeGrand | Mk7 | 3 | $60,000 | $70,000 | $75,000 |
| Lola | T140-142 | 3 | $55,000 | $65,000 | $80,000 |
| T190 | 3 | $60,000 | $70,000 | $85,000 | |
| T191, 192 | 3 | $65,000 | $75,000 | $70,000 | |
| T300 | 3 | $75,000 | $85,000 | $100,000 | |
| T330, 332 | 3 | $90,000 | $105,000 | $120,000 | |
| T400 | 3 | $90,000 | $105,000 | $120,000 | |
| Lotus | 70 | 3 | $90,000 | $105,000 | $120,000 |
| March | 73A | 3 | $80,000 | $90,000 | $105,000 |
| 74A, 75A, 76A | 3 | $85,000 | $100,000 | $115,000 | |
| McKee | Mk8 | 3 | $75,000 | $85,000 | $100,000 |
| Mk12, 18 | 3 | $75,000 | $85,000 | $100,000 | |
| McLaren | M10A, B | 3 | $90,000 | $110,000 | $120,000 |
| M18 | 3 | $90,000 | $105,000 | $120,000 | |
| M22 | 3 | $90,000 | $105,000 | $120,000 |
| McRae | GM1 | 3 | $90,000 | $105,000 | $115,000 |
| Shadow | DN6 | 3 | $85,000 | $100,000 | $115,000 |
| Spectre | HR-1 | 3 | $65,000 | $75,000 | $90,000 |
| Surtees | TS5, TS8 | 3 | $75,000 | $85,000 | $105,000 |
| TS11 | 3 | $80,000 | $90,000 | $110,000 | |
| Talon | MR1 | 3 | $70,000 | $80,000 | $95,000 |
| Trojan | T101 | 3 | $70,000 | $80,000 | $90,000 |
| T102 | 3 | $75,000 | $85,000 | $100,000 |
1973 Elfin Mark 5 F5000
The Elfin Sports Car Company is the oldest continuously operating sports car manufacturer in Australia. It was founded in 1957 by driver and designer Garrie Cooper. Elfin Cars won 29 major championships and were driven by such notable drivers as World Champion James Hunt, Didier Pironi, Vern Schuppan, Larry Perkins, Bob Jane and Frank Matich. Formula 5000 was very popular in Australia and New Zealand, as well as in England and America. Elfin’s 1973 F5000 entry was the Mark 5. It was a sturdy, well-built car, in compliance with the F5000 rules and featured V8 power, Hewland gearbox, etc. Only four cars were built, though the design was followed by the Mark 6, 7, 8 and 9. This family of cars continued to race well into the early 1980s. The factory entered a car as the Ansett Elfin Team. These cars are a part of Australia’s rich motor racing heritage and are very popular down under.
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, with one of them being 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 altogether and concentrated solely on its Formula One program.
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 |
