Best Budget F1 Steering Wheel 2024: Sim Racing Buyer’s Guide

F1 steering wheels are among the most popular style of sim racing wheels. This style of steering wheel can be used to race the F1 games, any open-wheeled car in sims such as iRacing or Assetto Corsa, and can also be used to race GT or LMP cars.

A good F1 steering wheel for PC, Xbox or PS5 has fantastic ergonomics and a lot of additional inputs such as buttons and encoders, all of which can be used to control your car mid-race. When we’re searching for the best cheap F1 steering wheel, price is also an incredibly important factor to consider.

In this guide, I’ll share my recommendations for the best cheap F1 steering wheel for PC, Xbox and PS5. I’ll lean on my decade of sim racing experience and share the best F1-style steering wheels that I’ve raced with.

TL;DR: What is the best cheap F1 steering wheel?

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 F1-style steering wheels.

The cheapest F1 sim racing steering wheels

Steering wheel	Price	Description
Thrustmaster TM Open Wheel Add-On	£/$140	A cheap F1 steering wheel compatible with Xbox & PS5.
Thrustmaster Ferrari F1 Wheel	£/$180	A 2011 Ferrari F1 car replica steering wheel.
Fanatec McLaren GT3 V2	£/$200	A GT3-style steering wheel that makes an excellent F1 wheel.
Fanatec F1 Esports V2	£/$220	The official Formula 1 Esports steering wheel.
MOZA Racing KS Steering Wheel	£/$279	An excellent MOZA F1 steering wheel that’s reasonably priced.
Thrustmaster Ferrari SF1000 Wheel	£/$350	A replica steering wheel from the Ferrari SF1000 F1 car.

More expensive and premium F1 steering wheels

While the list above shows the very cheapest F1 sim racing steering wheels, there are a few key admissions that are worth mentioning. These steering wheels cost a little more than the ones above but are incredibly good.

Steering wheel	Price	Description
Fanatec Formula V2.5X	€/$349	Fanatec’s flagship F1 sim racing steering wheel.
MOZA GS GT	£/$440	Very premium feeling F1 or GT steering wheel.
MOZA FSR	£/$650	An incredible looking F1 wheel with a large screen.

I won’t discuss these premium F1 steering wheels too much, as I want to focus on recommending the best cheap F1 wheels. However, I’ll summarise what makes these three wheels among the best you can buy. Read our guide to the ultimate F1 gaming setup for more premium wheel suggestions.

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The cheapest F1 wheel: Thrustmaster TM Open Wheel Add-On

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 absolute cheapest F1 steering wheel is the TM Open Wheel Add-On from Thrustmaster. This is a basic yet perfectly functional F1-style steering wheel. It measures 280mm across, which is ideal for an F1 steering wheel and is my recommended diameter for a Formula 1 wheel. This size is small enough to feel agile and nimble, but large enough to avoid feeling like a toy.

On the front of the wheel are a series of push buttons, a D-pad, and a single encoder. It features Thrustmaster’s 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 an F1-style steering wheel for a very low price. It is my pick for Thrustmaster sim racers who want a cheap F1 steering wheel.

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Ferrari F1 replica wheel: Thrustmaster Ferrari F1 Wheel

Racing Wheel – Thrustmaster Ferrari F1 Wheel
Compatibility – PS4, PS5, PC, Xbox Series X|S
Price – From £/$180
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.

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Cheapest Fanatec F1 wheel: Fanatec McLaren GT3 V2

Racing Wheel – Fanatec McLaren GT3 V2
Compatibility – PS4, PS5, PC, Xbox Series X|S
Price – From €/$199
Where to buy – Buy from Fanatec

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. This was one of my first Fanatec steering wheels, and I used it for around a year before changing it.

During my time with the wheel, I found it to be a really good F1 steering wheel. Despite being a GT3 replica wheel, it is the perfect size and shape to be considered an F1 wheel.

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 McLaren fan or you’re after a cheap Fanatec steering wheel, this McLaren GT3 V2 should be one of your top picks.

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Official Formula 1 Esports wheel: Fanatec F1 Esports V2

Racing Wheel – Fanatec F1 Esports V2
Compatibility – PS4, PS5, PC
Price – From €/$220
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 compatible with PC and PS5.

Despite this, if you own a Fanatec wheel base such as the CSL DD, this steering wheel is one of the best cheap F1 steering wheels for PC or PS5.

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MOZA’s Cheapest F1 wheel: MOZA Racing KS Steering Wheel

Racing Wheel – MOZA Racing KS Steering Wheel
Compatibility – PC
Price – From €/$280
Where to buy – Buy from MOZA

MOZA Racing has a range of open-wheeled steering wheels. 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.

The MOZA KS steering wheel, which is an F1 steering wheel, is more budget-focused and costs just £280 or $280.

At this price range, it’s one of the best F1 steering wheels in the budget category. Much like the Fanatec McLaren GT3 V2 wheel, this KS wheel features a wider 300mm diameter.

This wheel has a lot of functionality built into it. It has 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, making it one of the best cheap F1 steering wheels for PC. It does work with almost all MOZA wheelbases, but unfortunately, not on any consoles. I often use the MOZA KS wheel with other branded wheel bases. I have a Fanatec wheel base on my sim rig, and with the MOZA QR adapter and Universal Hub, this wheel is compatible with my Fanatec wheel base.

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Thrustmaster Ferrari SF1000 Wheel

Racing Wheel – Thrustmaster Ferrari SF1000 Wheel
Compatibility – PC
Price – From €/$350
Where to buy – Buy from Amazon

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 and this is one of my personal favourite steering wheels that I’ve ever owned.

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 24 is one of the most immersive things you can do in sim racing.

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What is the best cheap F1 PC steering wheel?

When sim racing on PC, you have the best selection of sim racing hardware, including F1 wheels. My favourite F1 steering wheel for PC is the MOZA Racing KS wheel. It is an F1-style steering wheel that is only compatible with PCs, although it can be used with any branded racing wheel, and this is one of my favourite elements of the KS wheel.

One of the best elements of the MOZA KS wheel that makes it my favourite cheap PC F1 steering wheel is that it includes a wide range of inputs at an affordable price. Most budget steering wheels sacrifice either build quality or functionality.

MOZA Racing decided not to sacrifice either. They used a carbon fibre composite to construct the chassis giving the wheel a soft touch premium feel while remaining light. They then included multiple rotary encoders, thumb encoders, in-built rev lights and dual-clutch shifters. All of these features, along with its great design, make this one of the very best F1 steering wheels for PC.

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How we tested these F1 steering wheels

We’ve been lucky enough to own or use each steering wheel I’ve recommended above. With my main sim racing game being the F1 series, these steering wheels are among my favourites, and I use them regularly.

To find the best cheap F1 steering wheel, I’ve tested each one with the EA Sports F1 games and other racing sims, including iRacing and Assetto Corsa. Testing across multiple sim racing games is important as each game can be configured differently, so it really puts each wheel through a thorough test.

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