Originally Posted By: fdcg27
It was possible to field a competitive team without the level of investment required these days.
Back in the day, there was a not lot of money out there, so fielding a car couldn't be very costly.
Most of chassis design was brainwork and fab expertise, neither of which were terribly costly.
In addition to what Bill already pointed out, we're looking at the past with rose tinted glasses. Ferrari didn't like the independent teams, and that's part of the reason the spending war started. Niki Lauda in his first ride had limited success, and the team folded shortly thereafter. Pay drivers existed back then, too. Teams were in and out back then, as well. As it stands, there are only three historical teams, and by that, I mean teams with basically the same management and/or some continuity in governance structure, and these are Ferrari, McLaren, and Williams.
The old ways of doing things weren't sustainable. Bill already pointed out the safety issues. Teams also couldn't sustain going through three engines per car on a weekend, and the ones that could afford it weren't interested in doing so, since it made little sense from an R&D standpoint. Anyone with a machine shop and more money than brains can pump out high performance engines at will. That's already been mastered. Those who do engines tend to be automakers, and they want some R&D value out of it. Renault, Mercedes, Ferrari, and Honda have made it very clear what would happen if there was a big regression on engines. When it comes to chassis design, wind tunnels are now the norm, and that's been a money maker for Sir Frank - renting out wind tunnel time.
As for good racing, well, there are moments of that. There isn't a simple answer to that. In every era, there were examples of standout cars, be they fleeting in duration or longer term. Currently, downforce rules when combined with safety issues make the racing a little less "interesting" than we might like. Ground effect cars would allow much closer following with less downforce penalty (engine and brake cooling are still another matter). However, ground effect cars turn can easily turn into a lawn dart when someone goes off track.
As for speeds, the cars of yesteryear are of no comparison. Lap records have fallen this year, and next year, more will fall.
Take a look at my Goodwood Revival thread. It's an eye opener. I was showing some of the live vintage formula races to my god daughter earlier on. She watches the odd F1 race, having a big crush on Verstappen. She's only 16, and immediately asked how it would be possible to survive a serious crash in the those early cars.