A driver’s salary is largely based on their experience and success. For example, Logan Sargeant is currently in his second year in F1 and has an estimated annual salary of $1m (£760k). On the other hand, former and current world champions such as Lewis Hamilton and Max Verstappen earn upwards of $51m per season (£39m).
On top of that, drivers then get bonuses based on their performance. According to Chapman, a driver will “almost always” receive a bonus for achieving a points-scoring position – although this will vary by team, with midfield and back-marker outfits often paying higher amounts to drivers who finish ninth or tenth, while front-running teams better will encourage top five finishes.
“The team can afford to pay these points bonuses because they will also earn money for constructors’ points and may also have additional income from team sponsors who will often pay them depending on specific targets,” says Chapman. “So from a team’s point of view, if they structure their contracts correctly, they’ll be very happy to pay out those bonuses because it’s self-funding.”
Driver bonuses
Individual driver bonuses can vary enormously from team to team depending on their position on the team.
For example, some midfield drivers could be paid as much as $10,000 (£7,600) for every point scored (meaning they could potentially earn $250,000 for a shock race win) – encouraging the need to race for the final points scoring places.
In 2023, Lance Stroll finished tenth in the drivers’ standings, scoring a total of 74 points. Had Aston Martin paid him using the bonus scheme above, he could have earned up to $970,000 (£740,000) on top of his regular salary.
On the other hand, drivers racing for constructors further up the grid could earn no race bonus at all for finishing ninth or tenth, but could receive as much as $500,000 (£380,000) per race. victory. Had Max Verstappen had this agreement in place with Red Bull in 2023, the Dutchman would have been rewarded with over 9.5 million. $ (£7.2m) in performance bonuses.
Below is an estimate of how much a driver could earn per place if they were awarded a bonus of $10,000 per point.
| Place of termination | Estimated bonus |
| 1 | $250,000 (£190,000) |
| 2 | $180,000 (£140,000) |
| 3 | $150,000 (£114,000) |
| 4 | $120,000 (£91,000) |
| 5 | $100,000 (£76,000) |
| 6 | $80,000 (£60,000) |
| 7 | $60,000 (£45,000) |
| 8 | $40,000 (£30,000) |
| 9 | $20,000 (£15,000) |
| 10 | $10,000 (£7,600) |