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.
| Make | Model | Acceptance | Level III | Level II | Level I |
| Begg | FM2,FM4,FM5 | 3 | $70,000 | $90,000 | $125,000 |
| Caldwell | D8 | 3 | $40,000 | $60,000 | $80,000 |
| Chevron | B24 | 3 | $80,000 | $120,000 | $145,000 |
| B28 | 3 | $80,000 | $125,000 | $145,000 | |
| B30 | 3 | $80,000 | $125,000 | $150,000 | |
| B37 | 3 | $80,000 | $125,000 | $150,000 | |
| Cooper | T90 | 3 | $60,000 | $80,000 | $115,000 |
| Crossle | 15F | 3 | $60,000 | $80,000 | $110,000 |
| Eagle | 1968 | 3 | $60,000 | $85,000 | $110,000 |
| A73 | 3 | $70,000 | $125,000 | $150,000 | |
| 755 | 3 | $80,000 | $135,000 | $160,000 | |
| Elfin | MR5, 6, 8, 9 | 3 | $80,000 | $120,000 | $140,000 |
| Leda | LT20, 22, 25 | 3 | $70,000 | $100,000 | $125,000 |
| LeGrand | Mk7 | 3 | $45,000 | $65,000 | $80,000 |
| Lola | T140-142 | 3 | $55,000 | $80,000 | $100,000 |
| T190 | 3 | $60,000 | $85,000 | $110,000 | |
| T191, 192 | 3 | $60,000 | $85,000 | $110,000 | |
| T300 | 3 | $70,000 | $130,000 | $160,000 | |
| T330, 332 | 3 | $85,000 | $145,000 | $180,000 | |
| T400 | 3 | $80,000 | $140,000 | $175,000 | |
| Lotus | 70 | 3 | $75,000 | $125,000 | $150,000 |
| March | 73A | 3 | $70,000 | $100,000 | $130,000 |
| 74A, 75A, 76A | 3 | $75,000 | $125,000 | $150,000 | |
| McKee | Mk8 | 3 | $60,000 | $85,000 | $110,000 |
| Mk12, 18 | 3 | $60,000 | $85,000 | $110,000 | |
| McLaren | M10A, B | 3 | $75,000 | $125,000 | $150,000 |
| M18 | 3 | $80,000 | $125,000 | $150,000 | |
| M22 | 3 | $80,000 | $135,000 | $160,000 |
| Make | Model | Acceptance | Level III | Level II | Level I |
| McRae | GM1 | 3 | $80,000 | $125,000 | $155,000 |
| Shadow | DN6 | 3 | $75,000 | $125,000 | $150,000 |
| Spectre | HR-1 | 3 | $55,000 | $75,000 | $100,000 |
| Surtees | TS5, TS8 | 3 | $65,000 | $100,000 | $125,000 |
| TS11 | 3 | $70,000 | $110,000 | $135,000 | |
| Talon | MR1 | 3 | $60,000 | $85,000 | $115,000 |
| Trojan | T101 | 3 | $75,000 | $100,000 | $120,000 |
1968 Caldwell D8 F5000
This article is as much about the start of the Formula 5000 series as the racing entrepreneurs who got it underway. The Caldwell D8 F5000 car was built by Ray Caldwell’s Autodynamics Company of Marblehead, Massachusetts. Caldwell had been building Formula Vee cars and had ventured into the Can-Am series with the D7, which was financed by up and coming drivers, Sam Posey and Brett Lunger. Caldwell, who had a small operation, decided to build a car for the new F5000 series, and this led to the one-off D8 creation. It was driven in five races in 1968 by Lunger and Posey, with a best finish of 7th, at Lime Rock in September by Posey. It was a bit much for Caldwell to tackle, though, and all soon lost interest in the D8 project. Caldwell went on to build winning Formula Fords, while Autodynamics entered Eagle and McLaren cars for Posey in F5000. Jack McCormack, D8 F5000 project manager, later became a constructor in his own right, with the 1974-75 Talon F5000 cars. It would be a rare sight to see the one-off Caldwell D8; it is an extraordinary example of its creator’s racing spirit.
1974 Talon MR1A F5000
Successful New Zealand racecar driver and constructor, Graham McRae, sold his GM2 F5000 design to American Jack McCormack, former Caldwell Project Manager, who renamed the evolution of the GM2 design the Talon. The Talons were raced by Sam Posey (who had worked with McCormack earlier at Caldwell), Jon Woodner and Formula One star Chris Amon. A total of five cars were built and raced in the 1974 and 1975 seasons. Amon, at the inaugural 1975 Long Beach Grand Prix, finished in 4th place. Amon also won at his home in New Zealand in a Tasman Series race. In the U.S., Posey led a few laps over Brian Redman’s Lola before being overtaken, thus showing the promise of the Talon cars. A Talon was sold to Walter Wolf who turned it into a center-seat Can-Am car, which was raced by Chris Amon and Gilles Villeneuve. This is another example of the small racing entrepreneur whot competes against the large teams and in so doing, helps the series.
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 |
