Not too long ago, the Formula One racing circuit seemed on its last legs as popularity waned. Still, the open-wheeled league experienced a renaissance largely thanks to its Netflix documentary series.
New memorabilia partnerships soon followed, with the latest coming thanks to Mattel and the venerable Hot Wheels toy line. After a short-run beta test in 2024, the line is expanding for 2025.
“The spirited response from fans around the world following our Hot Wheels and Formula One announcement has been thrilling,” said Roberto Stanichi, executive vice president of Hot Wheels, in an MSN interview. “The next phase of the partnership is all about giving fans the products and experiences that bring the worlds of Hot Wheels and F1 together in a way that has never been done before. And we’re just getting started.”
Though scribe John Redfern was quick to dismiss the notion of cars appealing to the collector market, there’s undeniably an immense crossover potential, let alone the fact that the Hot Wheels collector base will jump all over the opportunity to add to their growing collections.
Tracking History
Hot Wheels debuted in 1968 courtesy of Mattel, the same company that manufactures the diecast, scale-model vehicles today. Its creator was the company’s co-founder Elliot Handler, who developed the toys to answer Matchbox cars (who preceded Hot Wheels by 15 years). To add realism, Mattel hired car designer Harry Bentley Bradley, whose credits included the Chevrolet La Jolla.
The Hot Wheels line started with a relatively small assortment of cars, now known as the Sweet 16. The toys differentiated themselves from their competitors with their hard plastic tires, which made it very easy for mini-vehicle speeds across surfaces, including race tracks that came in sets specifically for the vehicles. They were an instant hit.
“Combining popular models with speed made the miniature cars even more appealing than Mattel or Handler could have imagined. Sales topped 16 million in the first year and have hardly slowed since,” stated The Strong National Museum of Play in its 2011 induction bio of Hot Wheels.
Others joined those initial cars. Future years continued adding vehicles to the assortment, to the point that, according to Super Heroes for Kids, there are “over 800 unique models of Hot Wheels in existence” and “in excess of 11,000 distinct model variations.” Roughly 130 cars are added each year.
As with many memorabilia areas, the older the collectible, the more desirable it is. Given the immense popularity of original Hot Wheels, finding any in good condition can be difficult. These are, after all, toys.
But in the same breath, getting started in the hobby can be fairly easy. Alongside picking up off-condition older models that will significantly be cheaper, entering via the toy aisle today is simple because the retail price has been kept reasonably low—less than $2 for the most part.
As USA Today reporters George Petras and Stephen J. Beard discovered in December 2024, the reason behind the low price point is that the build process has been adjusted to be cheaper.
“Hot Wheels says it’s been able to keep prices low because while it’s still making cars with diecast metal, it’s using less metal than in 1968,” the reporters wrote. “More parts are made of plastic. Improved manufacturing technology also keeps the cost down, Mattel says.”
However, collecting can quickly get complicated and have a true hunt aspect, thanks partly to distribution patterns. Retail outlets like Walmart often get exclusive models, while Mattel has established the Red Line Club, named after the signature paint marks on those original toys. Some cars are only available through this club, which is easily accessible at less than $10 per year for membership.
Spreading Its Wings
The relationship with F1 continues what has been an incredible road for Mattel and partners for Hot Wheels.
With so many licenses relating to cars and other vehicles, it’s not surprising that such agreements are snatched up, and there are mini reproductions for so many pop culture machines.
Among these are:
- The Ghostbusters Ecto-1, along with some fantasy cars,
- The Delorean from Back to the Future,
- Knight Rider KITT,
- Rink racers, AKA Zambonis,
- The Batmobile (in various incarnations), and
- Barbie’s pink Cadillac.
As an overall brand, Hot Wheels extends beyond its cars into tracks and play sets. These were more than holiday season fodder—the sets gave competitive kids a platform to see who could thrust their mini cars the fastest down the plastic platforms, including those that would crisscross and send the opponent tumbling to their doom.
Those plastic sets are exceedingly hard to find in good condition, but the cars are ultimately the stars of the show. Miniature cars are easy display fodder for the hobbyist, pursuits for the investor, and, for the kid in all of us, one of the coolest toys on wheels.
Jon Waldman is a Winnipeg-based writer. He has written for Beckett, Go GTS, Canadian Sports Collector, and several other hobby outlets over his two decades in the hobby. His experience also includes two books on sports cards and memorabilia. Connect with Jon on Twitter at @jonwaldman.
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