After some 50 years of automobile racing, the Grand Prix Formula, or Formula One, was created by the Federation Internationale de L’Automobile (FIA) in 1950, with its first race being the British Grand Prix at Silverstone. It began as a World Championship for drivers, but since it also featured 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 manufacturer had constructed the best racing car. In this guide I will cover the period 1966–1983 for cars built to a 500-kg to 585-kg minimum with 3.0-liter normally aspirated engines.
Formula One started from humble beginnings, with teams comprised of groups of talented people working out of small garages, trying to find the money to go racing. During this timeframe 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 ranging 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 also witnessed the racing comeback of Alfa Romeo.
Historic Formula One races are run by the U.S.-based Historic Grand Prix (HGP), which allows cars from 1966-1983 to run with 3.0-liter normally aspirated engines and no sliding skirts. In Europe the FIA Historic Formula One Championship allows cars up to 1985, provided they are non-turbo, with no sliding skirts. Grand Prix Masters (GPM) permits cars through 1977, also without turbos or ground effects, as does the Monaco Historic Grand Prix.
1967 Lotus 49
Colin Chapman of Team Lotus was known for being innovative, a design genius, and building race-winning cars. F1’s 3.0-liter-engine formula commenced in 1966. After a season of using a variety of engines in his cars without much success, Colin Chapman was looking for a new engine to power his new car for the 1967 season. The Lotus 49 was designed by Maurice Phillippe. It was light, sleek, and innovative. It had a monocoque chassis that used the engine as a stress-bearing structural member. The gearbox was a sturdy Hewland. The new engine was to be the Cosworth DFV V-8 designed and built by Mike Costin and Keith Duckworth with investment from the Ford Motor Company. Not only was the Lotus 49 the first Formula One car to use the new Ford Cosworth DFV engine, the car set many new design standards still used in single-seater construction to this day. It was also a test bed for aerodynamic front and rear aerofoil wings. The 49 started racing in 1967 in the standard Lotus green livery, winning its debut race at the Dutch Grand Prix at Zandvoort. It saw the start of sponsorship and was raced in the Gold Leaf red, white, and gold colors of its new sponsor with its last victory coming at the Monaco Grand Prix in 1970. It had 11 pole positions in the 1967 season and Graham Hill won the 1968 World Championship. The 49 is one of the greatest Formula One cars of all time.
1971 March 711
March Engineering was founded in 1969 by Max Moseley, Alan Rees, Graham Coker, and Robin Herd. They quickly became respected for building successful F3 and F2 cars for clients. The F1 program started with the Robin Herd–designed 701, which was supplied to many teams, including Tyrrell for Jackie Stewart to drive. The 1971 Formula One season brought the remarkable 711, which had aerodynamics by Frank Costin, an unusual front wing called the “tea tray,” and a sturdy but light monocoque. It ran Alfa Romeo V-8 engines, but had its success with the Cosworth DFV and Hewland gearbox. Resplendent in STP colors, a young Ronnie Peterson finished 2nd four times and was 2nd in the World Driving Championship. March had started from scratch, fielded an F1 team, and placed 2nd in the Formula One World Championship. It gave drives to newcomers such as Ronnie Peterson and Niki Lauda, and won the F2 title at the same time.
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 |
