Partially in response to another thread from 99cobra, but posted here for all who are interested, I ran a report in Quicken to total all my racing related expenses for my 2004 season.
My season included 8 race weekends, two of which were in Memphis (limiting travel expenses).
Tow Vehicle Fuel 1350.26
Business Software 346.46
Consumables 958.69
Dining 378.09
Dues 253.00
Entry Fees 1800.00
Equipment 6169.33
Labor 250.00
Lodging 611.72
Manuals 70.08
Misc 442.10
Parts 8936.37
Photography 172.47
Preparation 377.48
Race Fuel 480.00
Shipping 251.56
Tires 1944.00
Tools 127.23
Travel 286.89
25205.73
A lot of explanation is warranted to really understand these numbers.
First and foremost, I set two main personal goals this year:
- Limit my budget to $25k.
Or roughly the amount of my Navy Nuclear Officer Continuation Pay - an annual bonus I receive for staying in the Navy as a Nuclear Officer.
By limiting my race spending to my bonus, I didn't impact my family's monthly budget, the amount we save for retirement, my daughter's college, etc, which made my racing much more acceptable for my wife. This goal was a prime motivator of how I spent my money throughout the year. I essentially met this goal and didn't go into debt any farther this year.
- Win the SCCA Midwest Division T1 Championship.
Knowing I would be going back onto sea duty next year, this would be my best opportunity to win an SCCA Divisional Championship in years, so I focused my efforts on winning the division. I met this goal.
The above numbers represent my actual cash outlays for any racing expense I had this year, which included two trips to Norfolk, one to repair my motor after a timing chain failure, and one to have it rebuilt before the SCCA National Championship Runoffs.
They DO NOT include the initial cash outlays to get started, such as the car, the car prep by Phoenix Performance, the trailer, the F350 tow vehicle, etc, all of which I spent last year.
The numbers above clearly indicate racing is not cheap. Unlike David Pintaric, I did race on a shoestring given my limited funding. Like David Pintaric, I did not scrimp on equipment.
I limited my costs by not running test days, I only did one test day all season, by being very frugal with my tires (only bought two sets all season), and by having family and friends serve as my "crew" all season.
Although it is accurate, the tire cost is understated. All tire manufacturers in SCCA T1 award two free tires for every National win. I had new tires left over from last season, and won several tires this year. I also bought a few used tires off fellow competitors.
The lodging cost is also understated as my father, who accompanied me to every race but one this year, paid for our hotel rooms several times.
The equipment list includes several new purchases this year including Kevlar helmet with air cooling system, HANS device, radio system, helmet cooling system.
The parts list was dominated by the parts needed to repair my engine after a timing chain failure and to replace my motor after the harmonic balancer came off at the Runoffs:
Failed Timing Chain: Probable Cause, Correction and Pictures
Harmonic Balancer Bolt Fell Out - Loss of Another Engine
I also list, for both my two SCCA seasons, $0 on collision repair costs. Your results may vary. I drive fairly conservatively on the track knowing the limitations of my budget to absorb repair expenses. In my 24 or so SCCA races, I have only touched another car once, and that resulted in no damage to my car.
David listed costs another way in another thread, breaking them down by per race:
"I budget $3,000 per race, although that number sometimes is more, sometimes less.
$1,000 for tires.
$250 entry (+/-)
$250 brakes
$250 pre race prep (about 3 1/2 hours of labor)
$150 fuel ($5.25 per gallon!)
$100 food (usually more)
$750 crew (1 test day, 1 practice/qualifying/ 1 race)
$250 hotels (usually lower)"
I know there are a few guys running SCCA T1 for less than I am, but most are spending more.
Despite the large cash outlay, I don't for a second regret the last two seasons. I've lived a dream and created lifelong friends and memories along the way.
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