Formula Vee has been around for many years!
The cars are all based on PRE-66 stuff. 1200cc 40 horse engines.
it started out as a cheap formula class to go open wheel racing, but it's NOT cheap any more!
in order to be competitive, you really have to throw a LOT of cash at it. EVERY part and piece gets modified and massaged and all that labor and machine work adds up.
At the SCCA runoffs, Vee driver's buy a 45 minute engine. If they try racing for 46 minutes, they blow up!
At the end of the race, the intake and carb get taken off and the rest gets scrapped because everything is just too stressed to be used again.
Formula Vee uses drum brakes and stock 15" wheels with racing slicks, king & link pin front beam and swing axle transmission.
Formula First is the newer class which allows 1600 dual port, ball joint beam, independant rear suspension, 13" wheels and disc brakes. They are still built on VW parts manufactured from 1966 to 2004.
in the North East, the Eastern Motor racing association (EMRA) http://www.emraracing.org/
has a class for Formula Vee that tries to keep the costs down by running a longer lasting spec tire and wheel.
But as a general rule, the words ROAD RACING and CHEAP just NEVER go together!