In this guide, I'll show you the cheapest F1 sim racing steering wheels available in 2024. I compare F1-style steering wheels from the most popular brands in the search for the cheapest and best.
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Crowning the best F1 sim racing steering wheel and the cheapest F1 sim steering wheel are two very different questions. Starting with what is the cheapest F1 sim racing steering wheel, it has to be the Thrustmaster TM Open Wheel Add-On. Below is a quick comparison of how it compares with other cheap formula-style steering wheels.
While the list above shows the very cheapest F1 sim racing steering wheels, there are a few key admissions which are worth mentioning. These steering wheels cost a little more than the ones above but are incredibly good steering wheels.
The Fanatec Formula v2.5X is possibly the best steering wheel that Fanatec currently sell. It is a steering wheel that has been revised multiple times but offers the perfect dimensions and ergonomics for formula sim racing. The Fanatec Formula v2.5X costs from £399 / $399 meaning it just misses out on a place on the list above.
You can view more info on the Fanatec Formula v2.5X here.
MOZA Racing sell a few formula steering wheels and two aren’t on the list above. The GS GT wheel and the FSR formula wheel both feature a formula-style design. The MOZA FSR in particular is incredible due to its huge integrated screen.
The MOZA GS GT wheel costs £469 and the MOZA FSR wheel costs £579, putting them both in a mid to premium price range.
Before I look at each of the cheapest F1 steering wheels in more detail. I wanted to show you some of the very best F1-style sim racing wheels that are ideal for racing in F1 23, regardless of price. These steering wheels are my top picks if you want the very best F1-style steering wheel.
The F1 steering wheels on the list above are some of the best picks if price is less of a constraint. From this point on though, I’ll be focusing on the first list above and show you the cheapest F1 sim racing wheels.
Below I’ll look at each of the cheapest F1 wheels in more detail, but first is a table with a quick comparison of each cheap F1 sim racing wheel.
| Wheel | Compatibility | Price |
|---|---|---|
| Thrustmaster TM Open Wheel | Xbox, PS5, PC | £140 |
| Thrustmaster Ferrari F1 Wheel | Xbox, PS5, PC | £180 |
| Fanatec McLaren GT3 V2 | Xbox, PS5, PC | £200 |
| Fanatec F1 Esports V2 | PS5, PC | £270 |
| MOZA Racing KS Wheel | PC Only | £279 |
| Thrustmaster Ferrari SF1000 | Xbox, PS5, PC | £350 |
The absolute cheapest F1 sim steering wheel is the TM Open Wheel Add-On from Thrustmaster. This is a basic yet perfectly functional F1-style steering wheel.
It measures at 280mm across which is ideal for an F1 steering wheel. On the front of the wheel are a series of push buttons, a D-pad and a single encoder.
It features Thrustmaster’s own quick release allowing it to be used with all Thrustmaster wheel bases that support interchangeable steering wheels.
As far as sim racing steering wheels go, this TM Open Wheel Add-on is relatively basic, but it does the job it is designed to do. And it offers a formula-style steering wheel for a very low price.
Racing Wheel – Thrustmaster TM Open Wheel Add-On
Compatibility – PS4, PS5, PC, Xbox Series X|S
Price – From €/$140
Where to buy – Buy from Amazon
The second cheapest F1 steering wheel for sim racing is another Thrustmaster wheel. This steering wheel is an official Ferrari-branded product. In fact, it’s actually a replica of the 2011 steering wheel from the Ferrari F1 car.
Much like the real steering wheel it is based off that Fernando Alonso used, this sim racing wheel features rotary encoders and F1-style paddle shifters. The attention to detail is nice throughout, with Thrustmaster choosing to use stickers that replicate those found on the real steering wheel.
The hand grips are rubber and the majority of the steering wheel is plastic, giving it a lightweight feel. The front of the wheel features a range of push buttons, rotary encoders, multi-position switches and D-pads. All of which are usable on PC and PlayStation.
If you’re a Ferrari fan and already have a Thrustmaster wheel base, this is a brilliant budget-friendly F1 steering wheel.
Racing Wheel – Thrustmaster Ferrari F1 Wheel
Compatibility – PS4, PS5, PC, Xbox Series X|S
Price – From €/$180
Where to buy – Buy from Amazon
In the past, finding a cheap Fanatec steering wheel would have been tricky. Now though, they have a few good options, and the McLaren GT3 V2 is one of the cheapest steering wheels they sell.
At under £200, the officially licensed McLaren GT3 V2 steering wheel offers great value for sim racers. It replicates the design of the steering wheel used in the official McLaren 540S GT3 car.
The diameter of the wheel is slightly larger than many sim racing wheels at 300mm. And this is true to the real-world wheel’s size. The design is a faithful replica with the addition of the official Fanatec display the only real change.
There are a set of paddle shifters on the rear as well as dual clutch paddles. On the front of this F1-style sim racing wheel is a range of push buttons and three encoders.
If you’re a fan of McLaren or you’re after a cheap Fanatec steering wheel, this McLaren GT3 V2 should be one of your top picks.
Racing Wheel – Fanatec McLaren GT3 V2
Compatibility – PS4, PS5, PC, Xbox Series X|S
Price – From €/$200
Where to buy – Buy from Fanatec
Stepping up in quality from the McLaren GT3 V2 wheel is the Fanatec F1 Esports V2 steering wheel. This wheel features a slightly more streamlined design, and was used in official Formula 1 Esports competitions.
The smaller diameter of 280mm is perfect for open wheel sim racing. The front of the wheel features a range of push buttons and a couple of joysticks. There are also rev lights, flag lights and a digital display.
This steering wheel is incredibly well made, which has led to a slightly higher price than other wheels so far. The faceplate is constructed from aluminium, and the hand grips are wrapped in real Alcantara.
The main downside of this F1 sim steering wheel is the lack of Xbox compatibility. All three steering wheels so far feature Xbox, PS5 and PC compatibility. This steering wheel is only PC and PS5 compatible.
Despite this, if you own a Fanatec wheel base such as the CSL DD, this steering wheel is one of the best budget F1 steering wheels.
Racing Wheel – Fanatec F1 Esports V2
Compatibility – PS4, PS5, PC
Price – From €/$270
Where to buy – Buy from Fanatec
MOZA Racing has a range of open-wheeled steering wheels. Both the GS GT and FSR formula wheel are among the very best F1-style steering wheels around. Although both of those wheels carry a slightly higher price tag.
On the more budget-focused end is the MOZA KS steering wheel. This is a formula steering wheel that has a relatively low price tag of just £280.
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At this price range, its one of the best formula steering wheels around. Much like the Fanatec McLaren GT3 V2 wheel, this KS wheel features a wider 300mm diameter.
There is a tonne of functionality built into this wheel. There is a range of push buttons, joysticks, rotary encoders, thumb encoders, shifters and a dual clutch system. That is a lot of functions for a low-cost steering wheel!
One thing worth noting is that this KS steering wheel is only PC-compatible. It does work with almost all MOZA wheel bases, but unfortunately not on console.
Racing Wheel – MOZA Racing KS Steering Wheel
Compatibility – PC
Price – From €/$280
Where to buy – Buy from MOZA
The last wheel on this list of the cheapest F1 steering wheels is one of the best-looking steering wheels. It is another Thrustmaster Ferrari replica. This one is a replica of the SF1000 steering wheel that Sebastian Vettel drove.
This steering wheel represents a huge upgrade over the cheaper Ferrari wheel add-on. Most of that is due to the huge 4.3″ display across the front of this steering wheel.
The screen replicates the display that is found on the real-world Ferrari F1 car. It has multiple layouts with some that replicate how the screen functioned in its real-world counterpart.
We can’t forget the rest of the steering wheel as well, as there are cool features throughout. There are rev lights and flag lights across the top of the wheel. The wheel uses a real carbon fibre chassis and metal shifters. There are also 25 buttons that can be individually programmed and rotary encoders throughout.
This is a steering wheel that could be displayed in a case or mounted to your wall, it simply looks that nice. Using this Thrustmaster steering wheel while racing F1 23 is one of the most immersive things you can do in sim racing.
Racing Wheel – Thrustmaster Ferrari SF1000 Wheel
Compatibility – PC
Price – From €/$350
Where to buy – Buy from Amazon
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Budget steering wheels start from as little as £140 / $140. This is the price for the steering wheel alone and will require a wheel base to be attached to.
A good F1 sim steering wheel will feature a formula-style design which is wide and rectangular. Across the front should be a range of features including push buttons and encoders. There should also be paddle shifters built into the rear of the steering wheel.
The best cheap F1 steering wheel is Thrustmaster Ferrari SF1000 wheel. This isn’t the cheapest steering wheel, but still fits into a budget category at just £350. The wheel is a replica of a Ferrari F1 car and features a large screen.
Buying an F1 steering wheel for F1 23 will increase immersion. If your steering wheel has a screen, you can see live telemetry. And you’ll be able to realistically control your car in F1 23 using the buttons on your steering wheel.
Rich is the co-founder, and one of the main F1 setup creators and content writers for SimRacingSetups. With over a decade of experience as a graphic designer, marketing director, competitive sim racer and avid motorsport fan, Rich founded SimRacingSetup.com to share his passion and knowledge of sim racing and Formula 1 with other sim racers.
View all articles written by Rich
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