Last Updated on December 12, 2021 by Peter Townsend
Are you considering building an event track and would like to know how much it will cost? If yes there are a few elements that will determine the cost estimate for the construction of a racetrack. If you hear an entire group of people discussing the sweet competition in your private golf club. health risks on the course’s back and the $85,000 initial cost, you don’t need a soothsayer or a prophet to tell you they’re talking about golf.
Your track is able to offer many of the same benefits as traditional country clubs. On these tracks, you are able to test and show off your skills in front of other players, then boast about them afterward. MMC is recognized for being one of the very first privately-owned tracks within the U.S., established in 2008 just at the edge of recession.
At times it appeared that this concept and the business strategy appeared to be doomed to be a failure. However, today MMC has a membership of 480 who use the 4.1-mile road track, with the current cost of initiation fees ranging from $90,000 per year for unlimited driving days. The process of starting a business such as MMC or constructing racing tracks isn’t that different from any other industry. Nearly every entrepreneur must undergo important business processes to make sure their venture is running smoothly.
The construction of a race track isn’t for the faint-hearted as it can consume huge resources. It is highly recommended that you speak to anyone you can get in touch with who’s already involved in the race track or private club business and learn to take away from their success and failures.
The most successful business owners enjoy having the opportunity to share their expertise with those who will not directly impact their bottom line. Therefore, conduct your research to discover who could give you the best information, and then get in touch.
It is also worth considering buying the track that is already in existence. In reality, it’s the dream of most entrepreneurs to begin from scratch and build their own tracks from a basic stage. But, it’s ideal to purchase tracks that have established operations and regular revenue.
Be aware that purchasing an established track that is successful will let you skip that trial-and-error stage. Also, don’t overlook the possibility of becoming part of the franchise. A franchise membership can help you to avoid failing.
Estimated Cost of Building a Race Track
The most interesting thing about race tracks is the expense associated with building a typical one. It is expected to cost around $7 million to construct an average racing track within the United States.
However, keep in your mind that two lanes don’t seem enough wide to be a racetrack. Consider the minimum of $200,000 per mile in order to construct an oval racetrack that is four lanes wide. You want your racers to drift around without taking off the track; you need a secure track and other facilities which will appeal to your intended audience.
It’s not difficult to comprehend how a racetrack that is four miles of asphalt would cost over $1,000,000, and that’s without even considering the cost of purchasing the land as well as maintaining the track. Remember that pavements only have a short lifespan and it isn’t feasible to put potholes in your racetrack due to poor construction.
According to a particular report, the initial cost for a well-designed course in the United States is about $7 million. The costs are broken down into the following categories:
- Cost of the land: $1.29 million
- Cost of construction (e.g. landscaping, gravel runoffs, tire walls bank curves, grading and hills and so on. ): $2.4 million
- Costs for electrical and mechanical works (e.g. Full close circuit TV, Crowd protection fence etc. ): $523,000
- Cost for finishing the site (e.g. stand, exterior fittings and so on. ): $109,000
- The cost of equipment as well as the need for amenities (e.g. office blocks, paddock, parking lots etc. ): $1,080,000
- Cost of project management and design (including the salaries of project managers) $250,000
- Legal Fees (e.g. Taxes, insurance, permits etc. ): $1,128,000
- Project development costs: $215,000
While it is tempting to lower the initial costs of a race track through concessions to technology or construction costs, building a properly constructed track using top-quality technology will definitely ensure that ongoing expenses remain in check and within budget. It is important to note that reducing these upfront expenses could result in costly ongoing costs since tracks will require greater maintenance.
A single site could include multiple tracks. But, a race track needs a team of workers and subcontractors. It is essential to have people on the track at the beginning to greet racers as well as maintain the track and fix any equipment that is malfunctioning. The track might also wish to collaborate with instructors and driving schools in order to create a driving school, and provide specialized services.
Frequently Asked Questions
- How Do You Make A Race Track?
Race tracks are constructed by deliberately creating one. the minimum amount of land required to construct the half-mile track is 17.5 acres, which is compared with 27 acres to build a five-eighths mile track, and 55 acres for a one-mile track.
- What Does It Take To Build A Race Track?
According to studies, it typically costs about $ 100,000 per mile to run on the two-lane roads. Keep in mind that two lanes won’t be enough wide enough to be the racetrack. So, you should think about an investment of $200,000 per mile in order to construct an oval racetrack that is four lanes wide.
- How Much Does It Cost To Build A MotoGP Track?
For the construction of a MotoGP track, it will cost about $270 million, and then there are hosting fees along with the annual operating costs that are estimated at $18.5 million, which is much cheaper than the cost of street races. This implies that over a typical ten-year time frame, building the grand Prix circuit as well as staging an F1 race is approximately $933.1 million.
- Can You Make Your Own Race Track?
Yes, you can build your own race track but be aware that it would cost around 100,000 per mile on a two-lane road however, two lanes will not be used for the racetrack. It’s reasonable to expect the cost to be around $200,000 to construct an all-four-lane track. Four lanes are essential to ensure that drivers don’t get off-track if they wander across the lanes.
- How Many Acres Does It Take To Build A Race Track?
To construct a typical race track, you’ll need between 500 and 1500 acres.