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28 Mar 2012, 07:48 (Ref:3049879) | #1 | |
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Racing is expensive
Dear forum members,
I don't know if I'm on the right forum, or there has been a thread similar to this (if that's the case I'm sorry), but I was wondering, how do you guys come up with the money to go racing, and I apologize if my question is a bit too personal. I talked to a few racers at the track and they told me the amount of money they put into racing is enough to buy them a decent house. Anyways do you guys have any tips on raising some extra money or find some small sponsors? As usual thank you in advance. |
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28 Mar 2012, 08:06 (Ref:3049888) | #2 | ||
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Well for some lucky people here they have money passed down from wealthy parents, however for the vast majority we work our butts off to go racing, whether your an accountant or lawyer and have lots of disposable income to race in historics or gt racing, or do other less paid jobs, and can afford to race in 750mc, hill climbing or drag racing, there's a class out there to suit everyone's wallet.
Racing doesn't have to be expensive, I raced In karts on a budget of 2k for setup including kart, tools, trailer, race wear etc, and then raced for 3k a season which included all maintenance, entry fees, tyres etc. there are other sports such as rally cross, hill climbing, drag racing, circuit racing where you can enter a road car with a few safety improvements and go racing, entry fees forthe year are around 2k on circuits for that kind of racing, or about 500 quid for the year in drag racing, and even free in stock car racing! So like I said, racing doesn't have to cost the earth, it's just how fast you can go with the money you've got! |
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28 Mar 2012, 11:00 (Ref:3049960) | #3 | ||
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For me i guess i'm fairly lucky that i live within my means and have a small amount of disposable income that i use for racing. I dont own a proper business and have a fairly averagely paid 9-5 job and a family to support, but you'll find plenty in the paddock that are mostly connected in the motor trade which helps at least claiming VAT back on parts and often 'sponsor' themselves. I dabble in some business ideas and save any overtime to pay for go faster parts/repairs. I dont have lots of expensive holidays or any other hobbies any more to help pay for my racing.
To keep costs down i've learnt how to be a mechanic and prepared my own cars. I buy used parts where appropriate but still run a relatively cheap and simple Fiesta which has been perfectly reliable for the last 3 years. You can go racing for way less than the cost of a house, the single most expensive part for me is the entry fees which cost about £2k per season which is with a friendly and good value for money series. As long as the car is reliable, the only other running costs are petrol and general wear and tear and servicing. However if fun is not enough and you want to be very competitive or at the front of the grid then thats where the real money is needed! |
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28 Mar 2012, 11:08 (Ref:3049965) | #4 | ||
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Yeah, you don't have to spend the earth to have a good time.
I race Club100 and a part season of EPEC, my year's budget is coming in around £2.5k. That £200 a month is easy enough to find on a modest salary if you cut out silly things like drinking/take aways every weekend. (Well, i still have the odd snifter from time to time...) |
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28 Mar 2012, 11:12 (Ref:3049966) | #5 | ||
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There are also considerably cheaper ways to be involved with motorsport, come and marshal
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28 Mar 2012, 11:16 (Ref:3049969) | #6 | ||
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>>>>>>connected in the motor trade which helps at least claiming VAT back on parts and often 'sponsor' themselves
These very pages are full of people wailing about what happens when the tax man finds out and clamps down on them. A couple of years back there was a chap facing a £25k tax bill. You can't "sponsor" yourself. I keep my race car purchases separate from my business expenses. Yes I have the company name on the car but the company doesn't pay for it, except by earning me taxed income! I suspect many are the same. The bottom line is, if the drug bites and you're a true racer you'll run in the highest category you can nearly afford. If you wait until you've got enough money, you'll never do it. Loads of people tell me "I'd love to race but I can't afford it". Well, you can but just adjust your level. Arrive'n'drive karting/owner driver karting/sprinting your road car - OK it's not "cheap" but compared to a night drinking in this area it's actually not bad! It's actually been quite good discipline for my 15-year-old son, learning about choices. Go out clothes/CD/w.h.y buying with his mates or save his money for racing! We all have to prioritise! |
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Midgetman - known as Max Tyler to the world. MaxAttaq! |
28 Mar 2012, 12:25 (Ref:3049995) | #7 | |||
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I tried my hand at single seaters a while back - Monoposto 1800 - in a Vauxhall Junior 16V car. I reckon its one of the best value and fastest per £ series you can get. I bought the car for £4500 & sold it for the same about 3 years later. I used second hand F Ford tyres at £5 a corner and the engine was so robust that it didn't need a rebuild. Sure there were entry fees, I paid for someone to help me out (as I'm technically incompetent), spares, fuel, etc and I reckon it cost me about £500 per race inc repairs. I now race in CSCC and I reckon it costs £900 per race all in, inc support (but thats for 2 drivers and 40 min races to share costs). I have only ever raced 4-6 times a season. I can afford it because: a) I don't have kids (the biggest saving!!!) b) I don't go on holiday c) I don't live in a big house and have a big mortgage d) I don't smoke e) my road car is 8 years old (bought second hand) & won't be renewed yet! f) I race to enjoy myself and don't have the talent to worry about championships or points etc! I once told someone how much it cost to race & he was shocked but in the course of the conversation he also told me that he went skiing every winter for a week & had a summer holiday somewhere in Europe, and was also driving a 2 year old Merc. Its all about choices. Last edited by andy97; 28 Mar 2012 at 12:47. |
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28 Mar 2012, 13:45 (Ref:3050035) | #8 | ||||
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Racing is expensive? Also, water makes you wet. Fire burns/heats! Isn't there an equivalent to autocross, khanacross, motorkhana? (one at a time on a marked dirt/tarmac course) Where you can join a car club and compete in something that doesn't cost four figures? It's only a little more expensive than golf. I dont know if they'd let you, but I'd join a car club even before getting a car and take it from there. I wish I did that as a teenager.
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That's a shame, keep trying though. |
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28 Mar 2012, 14:15 (Ref:3050048) | #9 | |||
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I've been marshalling for years and racing for the past few, there are days where I can think of nothing better than to go racing, the feeling is incredible......until the loud crunch, when I think, oh why didn't I go marshalling today instead! |
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28 Mar 2012, 12:49 (Ref:3050008) | #10 | ||
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Yes, I reckon Alex's TKM weekend (test Saturday, race Sunday) costs about £150 all-in, and that includes a small budget for the minor little breakdowns 100cc karts always have. If I go out with my mates once a week it costs twenty five quid or so a time so allow £100 a month, Sky TV for the F1 is £40, shazam that's Alex's karting paid for.
Holidays? Won't see any change from a grand a head will you? That's my budget for the 360. Oh and I don't smoke. You don't have to have an income that supports a 2 year old Merc, a few lifestyle changes on ordinary pay and you're indoor karting - or Club 100 - or hillclimbing - having FUN! |
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Midgetman - known as Max Tyler to the world. MaxAttaq! |
28 Mar 2012, 12:51 (Ref:3050010) | #11 | ||
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OT I know but have you many cars for tomorrow at Snett Andy?
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Living the dream,Chief instruktor and racing on the worlds best circuits-The Nordschleife and Spa.Getting to drive the worlds best cars-someone has to do it, so glad its me. |
28 Mar 2012, 12:57 (Ref:3050015) | #12 | ||
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Terry, last I heard there was still some spaces but still well over a hundred turning up i think.
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28 Mar 2012, 14:54 (Ref:3050064) | #13 | |
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thanx for the advice guys... but one thing i need to point out, I live in Malaysia, where racing is synonymous with money. I believe in Europe especially the UK where racing is "affordable". I'll give you an example, I currently race karts, I have to rent the kart which cost 100 rm, the entry fee to the race which is another 100 rm... that's 200 rm, and my monthly allowance is 200 rm. I won't lie, i used my student loan to buy my racing gear, and as a result I needed to photocopy my law text books, seeing that I have no money left. Anyways, I reckon things would get considerably cheaper seeing that now I have all my gear etc. Again thank you for the advice ....
P.s I tried marshaling, and ascarr you are right, marshaling just makes me jealous of the drivers... lol.... |
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28 Mar 2012, 14:57 (Ref:3050066) | #14 | |
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I learned quite a few lessons over the years:
1. Find ways to increase your earning power by finding another job, getting a 2nd job, learning a trade and learning more skills in that trade, getting more formal education, so on. I realized that if I was going to work than I needed to maximize what I earned per hour, per day, etc. in order to have the disposable income to do the things I wanted. 2. Establish a savings account or money market account or some separate account as a "racing fund". Take 10%-20% of each paycheck and put it in that fund. It will grow faster than you think. 3. Prioritize your spending. Nights out on the town, vacations, video games, whatever it is, eats up money. 4. Small sponsors are likely not to happen if you are not competing regularly and have some promotional benefit to offer. 5. Also prioritize what you want to do. I have often been drawn to go rallying too, but realistically I don't have the money to do both that and circuit racing. When you have limited funds, focus on one thing. |
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28 Mar 2012, 15:04 (Ref:3050070) | #15 | ||
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One thing you will find is that racing makes you a liar - you will never really tell the truth to you family, wife, bank manager or self what it really costs!!
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28 Mar 2012, 16:31 (Ref:3050114) | #16 | ||
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28 Mar 2012, 18:13 (Ref:3050146) | #17 | ||
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My wife spends more on her horses than I do on racing and I've never felt the urge to justify anything I do to any bank or manager.
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28 Mar 2012, 15:57 (Ref:3050098) | #18 | ||
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I never bothered working out what it cost until someone said they thought my weekends away to Spa cost around £1800-£2K each and for that I could have a couple of weeks in Egypt or the likes. So this year I won't be doing Spa and I doubt I'll get to have any sort of holiday anyway. I sometimes wish people would keep their thoughts to themselves.
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28 Mar 2012, 16:02 (Ref:3050102) | #19 | ||
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>>I'll give you an example, I currently race karts, I have to rent the kart which cost 100 rm, the entry fee to the race which is another 100 rm... that's 200 rm, and my monthly allowance is 200 rm.
Yeah, the costs suck but like M-Star says - extra income and prioritise, prioritise, prioritise. You're no different to young lads here. Also remember that sometimes the stuff you really *want* to do (racing) just *has* to be sat on the shelf while the things we *must* do (learning) takes precedence so you get the income to race in the future. It works on all levels. e.g. I *want* to be at home preparing my race car, but I *must* be at work earning the money to pay for it. You've got loads of years to come, God willing, you don't have to do it all today but if you have an income plan and a savings account it'll come sooner than you think. We're all really old here, and I think many of us would swap our racing for the chance to be a young student again so count your blessings! |
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Midgetman - known as Max Tyler to the world. MaxAttaq! |
28 Mar 2012, 20:44 (Ref:3050189) | #20 | ||
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And don't use a credit card or other credit to go racing unless you are making a capital investment in a piece of equipment worth something. I was never really in that much debt(around $10K) but still it's something you have to pay off with interest. Not worth it. It all worked out ok, some of the things I did in my 20's helped me move into my current career in driving(which is what I always wanted to begin with), however if I could do it all over again, there are aspects of it I would have accelerated or pushed forward and wouldn't have allowed myself to get spread so thin in. I would also decide exactly what you want to do, for example running an older Formula Ford and then start asking around to form a budget in terms of capital investments you would need to make in equipment and what it is going to cost you to do a race weekend. Also I'd compare what it would cost to do an "arrive and drive" with an existing team. But in any case, work out what your costs are going to be, add another 20% to be on the safe side and then figure out how you are going to fund that. I had a friend that really wanted to rally as his life long dream. He bought an existing rally car for $6,000. It needed a few things here and there which added about $5,000. Then he needed safety gear, another $1000. On the first event the engine exploded, so a new engine was needed and other work as well, so that ended up to $10k or more. Then he needed a tow vehicle and trailer, another $9,000. Then there were thousands of dollars in spare parts, wheels, tires, etc. Then some money for the mechanics to fix the thing. Then $1300 in entry fees per event. Hotels, gas, food, etc. Then he decided he needed a box truck instead of a trailer, so that was $10K. And then he crashed big on his 4th event so he needed a total front end rebuild. So he did 4 rallies at what cost I do not even want to calculate. He sold the car and spares for around $13k. He bought another for $12K(which was a great deal) and it sinking another $10K into it. Stuff adds up and my friend got way in over his head beyond what he ever thought it would be. He did manage to get a couple of local sponsors to chip in a couple of hundred bucks each and managed to get some free decal work and some discounted tires. He also got help to the tune of a couple of hundred bucks from a manufacturer contingency fund. None of that anywhere near off sets his costs. Money is the fuel of motor racing. Contrast that to the other sports I do. My mountain bike was a $1500 race bike given to me for free by my brother in law and I spent $300 on it refurbing it. I ride it at least 700-800 miles a year. My kayak cost me $700 with all bits and pieces. Other than gas for the car to drive to the lake or river and $10 a year for a state boating permit, that's it for that. Competition shooting you can enter a match for $10 to $20 and 2 boxes of .22LR competition ammo costs $10. Some matches are postal matches with backing targets so you don't even have to travel anywhere. Big difference between all that and motor racing. |
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31 Mar 2012, 10:25 (Ref:3051188) | #21 | |||||
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2 Apr 2012, 10:31 (Ref:3052198) | #22 | |
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FormerF1champ: As an example of a B2B deal, I would look at a series or team which is sponsored by, or has links to, a chain of garages or sell aftermarket car parts. I'd then speak to an exhaust manufacturer, or any car part manufacturer, and find out if they have any excess stock that they're looking to get rid of at discounted prices. You'd need to have agreements in plce with both companies but quite often you'll be able to offload parts and earn a comission from that. These deals take quite a bit of time to set up but they are possible.
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2 Apr 2012, 10:55 (Ref:3052211) | #23 | |||
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Sorry - I may be missing something here, but how does that amount to 'sponsorship'? That's just a bloke brokering a deal between two companies, and to be honest, it sounds like the amount of work you'd need to put in to pull off anything worthwhile would be time better spent simply earning more money in your own line of work. I've always taken sponsorship to mean a company giving you something worthwhile (be it cash, spares, consumables, free use of facilities, etc) in return for advertising exposure, corporate entertainment and such like. |
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4 Apr 2012, 15:14 (Ref:3053492) | #24 | |||
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Yeah, I get. I'm just messin around. |
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2 Apr 2012, 17:26 (Ref:3052403) | #25 | ||
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B2B deals are more common these days. Kmart and Target sponsorships in CART are good examples. They got most of the large branding on the team and all of the many associate sponsors paid the bill. In exchange for those associate sponsors kicking in a few hundred thousand each, they received prime space on the shelves at Kmart and Target over their competitors(Energizer batteries vs. Duracell and other brands) and other marketing considerations. In the indy racin' league and Nascar, Penske recently did a deal with Shell Oil. Shell pays for the sponsorship of the cars but gets to be the vendor of oils and lubricants for all of Penske's Truck and car sales businesses(which is quite significant in size). It takes some creativity, but a lot of these deals ensure everyone gets something from something, rather than running it on a hope and a prayer with media coverage and exposure. |
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