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 V-8 of 5.0 liters 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 1970’s, 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 turbo-charged Offenhauser engine to run, the engine that dominated the series was the Chevrolet 5.0 liter V-8, 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 V-8-powered Shadow DN6.
Even though many top drivers such as Mario Andretti, Mark Donohue, David Hobbs, James Hunt, Alan Jones, Jackie Oliver, Jody Schecker, 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. In fact one of the most important factors in determining value is the cost and quality of the restoration.
| Make | Model | Acceptance | Level III | Level II | Level I |
| Begg | FM2,FM4,FM5 | 3 | $45,000 | $50,000 | $55,000 |
| Caldwell | D8 | 3 | $45,000 | $50,000 | $60,000 |
| Chevron | B24 | 3 | $55,000 | $70,000 | $85,000 |
| B28 | 3 | $55,000 | $65,000 | $75,000 | |
| B37 | 3 | $55,000 | $65,000 | $75,000 | |
| Cooper | T90 | 3 | $45,000 | $55,000 | $65,000 |
| Crossle | 15F | 3 | $45,000 | $55,000 | $65,000 |
| Eagle | 1968 | 3 | $45,000 | $55,000 | $65,000 |
| 73A | 3 | $60,000 | $75,000 | $85,000 | |
| 755 | 3 | $65,000 | $75,000 | $90,000 | |
| Elfin | MR5, 6, 8, 9 | 3 | $55,000 | $65,000 | $75,000 |
| Leda | LT20, 22, 25 | 3 | $40,000 | $45,000 | $55,000 |
| LeGrand | Mk7 | 3 | $40,000 | $45,000 | $55,000 |
| Lola | T140-142 | 3 | $45,000 | $55,000 | $65,000 |
| T190 | 3 | $50,000 | $60,000 | $65,000 | |
| T191, 192 | 3 | $50,000 | $60,000 | $65,000 | |
| T300 | 3 | $65,000 | $75,000 | $85,000 | |
| T330, 332 | 3 | $85,000 | $90,000 | $100,000 | |
| T400 | 3 | $75,000 | $90,000 | $100,000 | |
| Lotus | 70 | 3 | $65,000 | $75,000 | $90,000 |
| March | 73A | 3 | $50,000 | $60,000 | $75,000 |
| 74A, 75A, 76A | 3 | $55,000 | $65,000 | $75,000 | |
| McKee | Mk8 | 3 | $50,000 | $85,000 | $100,000 |
| Mk12, 18 | 3 | $50,000 | $85,000 | $100,000 | |
| McLaren | M10A, B | 3 | $70,000 | $80,000 | $95,000 |
| M18 | 3 | $65,000 | $75,000 | $85,000 | |
| M22 | 3 | $65,000 | $75,000 | $85,000 |
| McRae | GM1 | 3 | $55,000 | $65,000 | $75,000 |
| Shadow | DN6 | 3 | $65,000 | $75,000 | $85,000 |
| Spectre | HR-1 | 3 | $45,000 | $50,000 | $60,000 |
| Surtees | TS5, TS8 | 3 | $50,000 | $60,000 | $70,000 |
| TS11 | 3 | $55,000 | $65,000 | $75,000 | |
| Talon | MR1 | 3 | $45,000 | $50,000 | $60,000 |
| Trojan | T101 | 3 | $45,000 | $50,000 | $60,000 |
| T102 | 3 | $45,000 | $50,000 | $60,000 |
1976 Chevron B37 F5000
Derek Bennett’s Chevron cars in Bolton, England had considerable success competing in F5000 with their B24, B28, and B30 designs. The last Chevron F5000 car built was the 1976 B37 of which only one was built, specifically for Peter Gethin and the VDS team. The B37’s first outing was at Pocono, in May of 1976, driven by Peter Gethin. However, with F5000 being replaced in the US, by single-seat Can-Am, Gethin and VDS took the B37 to Australia, in 1977, where the car ran against Team VDS’s Lola T432 being driven by Warwick Brown. In Gethin’s hands, the B37’s best finishing position was a run of 2nd place finishes at Oran Park and Surfers Paradise, placing Gethin 2nd in the championship that year to his teammate. The B37 was a fast car, with a lot of potential, but sadly Chevron cars did not have a big budget and did not build any more F5000 cars. In fact, Chevron stopped production of all racing cars in 1978 when Derek Bennett died in a hang-gliding accident. The B37 still exists today and is currently being campaigned in the UK.
1975 Lola T400 Formula 5000
Lola cars of Huntingdon, England, had won the U.S. 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 aerodynamics, 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 U.S. was to follow with cars driven by Mario Andretti, Al Unser, and Brian Redman. Today, the T400 is a fantastic car and a 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.
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 |
