Sergio Perez’s crash will reportedly cost Red Bull a mammoth $2,000,000 at least

Although the highlight of the 2024 Formula 1 Monaco Grand Prix was Charles Leclerc's win, the second-most important talking point of the race was the first-lap incident involving Sergio Perez. Red Bull Racing has reportedly revealed the cost of repairing Perez's RB20 race car.

Perez, nicknamed 'Checo', has had a dismal weekend at the Mediterranean Principality. The Mexican driver's pace was off by a large margin to leaders in all three Free Practice sessions. Further hurting his chances for a good race on Sunday was his early exit in Qualifying. Perez was knocked out in Q1, after managing to secure the 16th position.

With a target set for minimizing the damage on Sunday, Perez started on the white-colored hard tires to extend his stint and gain track position in the later part of the race. The #11 driver made a relatively good start compared to others around him.

As he reached turn 1, Perez went three-wide with the two HAAS drivers, Nico Hulkenberg and Kevin Magnussen, on either side. In an attempt to defend his position, the Red Bull Racing driver tried to close the door on an advancing Magnussen.

However, this move backfired, with Magnussen tagging Perez on the narrow uphill section, causing the latter to spin and collect Hulkenberg as well. The crash instantly ended the race for all three drivers and caused the red flag to come out in the first minute of the Grand Prix.

Now, in the aftermath of the incident, Red Bull Racing Director Helmut Marko has reportedly disclosed the repair cost for Perez's RB20 race car. Marko admits that the cost would likely be between $2,000,000 and $3,000,000.

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A brief look at the effect of the crash on Sergio Perez and the Red Bull Racing F1 team

The lap one incident left Sergio Perez's car completely mangled on all corners, with large chunks of body panels missing on both sides. With an estimated repair cost in the range of $2,000,000-$3,000,000, this will put a dent in Red Bull Racing's budget for the year.

The crash will most likely delay the deployment of update packages from the Milton-Keyes-based team. Such a move will likely allow rivals such as McLaren and Ferrari to inch closer to Red Bull Racing in the constructors' championship. Furthermore, the chance of Perez getting a grid place penalty in the latter stage of the 2024 season is also high.

There have been speculations about Perez's seat for next season after a sub-par result at the Emilia-Romagna Grand Prix. Adding to the drama will be the Monaco lap-one incident. However, despite the recent setbacks, the 34-year-old Mexican racer reportedly remains the top choice for the second seat on the team.