Sometimes you may be a fan of a certain driver, but you would want to know more about their pay to see how much they are paid for their talent. It might not always be easy to learn about how much the drivers make, but you can still make estimations.
In case you want to know more about how much a driver makes, Google would be an answer. Simply Google search the name of the driver plus the recent contracts. That is how you would know if a driver is paid well or not.
An example is when Carson Wentz signed a 4-year contract worth $128 million in 2019.
However, not all contracts will be leaked. That is how you often find it hard to fully understand how much the drivers are paid for their talent in a series.
Reasons for Secrecy
For the longest time, IndyCar has remained a sport for the rich and those who actually love the sport.
Sometimes it can be tough to make profits with this kind of sport. It is estimated that it would cost you at least $3 million to build a team and enter the race. For the most part, you will be operating on fine margins; thus, the reason most of the budget is confidential.
Some sources claim that you cannot get rich off racing. Well, the drivers and crew might just get rich, but the team owners are often in for the pride and love of the sport.
Another reason is a series will have around 24 full-time drivers. However, their pay will always be different. Of course, having these teams sign a similar salary would not be possible. Each driver has to negotiate a different salary through their agents.
Drivers are never paid a flat salary, they would often negotiate for an annual contract. One thing that determines their pay is the number of contracts they bring with them. In case the driver is bringing a sponsorship of $2 million, then the salary the driver would request is around $500,000.
Sometimes the driver might take a lesser amount if it is a better team with the potential to grow. It mostly depends on how well the team managers can negotiate a good deal for the team owner.
Slice of the Pie
Some drivers take a different route of payment. There are some who would claim to bring with them new sponsors for the team and would negotiate to take a percentage of the sponsorship.
This type of approach is often risky, but if it is a confident driver with talent, they stand to make more money rather than having a fixed contract. If the season works out, such a driver would be making a lot more money.
That is not all; the driver may also get performance bonuses other than the agreed amount from the sponsorship deals.
An example of a bonus is that you would get a certain amount when you win a race. If you win more races, the bonuses are doubled. In most cases, the driver mostly gets more bonuses if he wins the series championship.
Below is a graph showing how the winning over the years for the IndyCar drivers.
More Races, More Money
As a driver wins more races and gets more experience in the IndyCar races, he or she would demand more pay for their talent.
Some sources claim that the money outside the races is not the best. That is why most drivers would stick to teams that pay them well.
The drivers would also get other perks as part of the package. Some of the perks include fuel, cleaning, a motorhome, and more. The perks are key in helping the drivers feel comfortable and perform well when it comes to racing.
Here is a video of how IndyCar drivers are trained
Which IndyCar driver is paid the most money?
Multiple sources claim that Scott Dixon is one of the most paid drivers in the series. It is estimated the driver earns around $3.5 million per year.
Which IndyCar driver is paid the least?
This would not be easy to put a name to it. Most drivers on low pay would not be willing to put it out there. Well, we can, however, do an estimation. It is estimated that lowly paid drivers get around $250,000 per season.
Are IndyCar drivers making more money now than before?
It can be tough to answer this part, but there seems to be less money in the sport now than in the 80s and 90s. In the past, a team plus the car would be around $13 million, but such a budget is enough right now to run two teams and two cars.