According to the TSM Plug website, entry-level mechanic jobs in Formula 1 racing pay about $20,000 per year, while senior engineers and mechanics can make up to $80,000 per year after working in the business for more than 5 years. The mechanic’s annual salary can vary a lot depending on how much competition there is and how well the car he or she is working on is doing. However, the best mechanics can make well over $100,000 per year.
Formula 1 mechanics have to work on the cars during races and when they are not racing. If the car breaks down, mechanics may need to be part of the pit crew and fix it quickly on the spot. Also, the mechanic has to make changes to the car all the time and work with the driver to give the car an edge in races while still following Formula 1 rules. My Job Search says that a lot of Formula 1 mechanics and engineers have not only gone to school for automotive engineering but also worked in the race car industry.
Formula 1 mechanics who are just starting out may not make a lot of money each year—usually no more than $20,000—but as they work in the industry and gain experience, they can expect to make up to $40,000 after 3 years and continue to get paid more after 5 years, according to the TSM plug website.