I wanted to get thoughts on this before I actually spent some money. I see "cheap" formula Mazda cars or similar on racing junk frequently. A fraction of the cost of the Radical SR3's. Hypothetically couldn't you build body work on the open wheel car to enclose the fenders and have a car similar to a Radical or even an LMP 3 for that matter. Pics for comparison. Thoughts? Comments? 
Without thinking too much about it, if you have fabrication skills for the body, heck yes. Do it. Do it now.
Yes, you can build a generic sports racer from a formula car. It won't be worth $100,000 when you're done because it isn't a Radical (they have their own series, etc.), but you can have your own sports racer. However, for $22,500 (the price of the FM you posted) you can find a lot of other generic sports racers that are already complete and ready to run. If the building of it is what you are really wanting to do, go for it. It's a lot of work but it can be done and has been done many times before. In the 1980's and 1990's a lot of the C and D Sports Racers were converted formula cars. But, if you are really after the final product, then save the effort and buy one.
For mid-20's you can get a gen 2 SRF and already have a well-developed sport racer that's just about bullet proof. Upgrade it to gen 3 and turn laps within a couple seconds of an SR1 at most tracks.
In reply to ShinnyGroove (Forum Supporter) :
Forgive my ignorance, what is a gen 2 SRF?
Gen 2 SRF is a Generation 2 Spec Racer Ford.
In reply to Mule22 :
Second gen Spec Racer Ford. The third gen is being raced now.
Earlier Radical's are available for not that much more than the car you posted but I have no idea what the up keep on one would be or the deferred maintenance it would have at that price point. One of the cool things with a Radical is you can shoe horn a second person into one, it's not something you'd do a lot but the option is there. My sister talked her way into a ride at a track day in one, I was a bit jealous lol
Oh right spec racer ford, not quite apples to apples.
SRF - 100hp, 90-92" wheelbase, skinny tires.
Mazda Formula car - 300hp, 109" wheelbase, wide tires.
For the heck of it I looked up the Radicals wheelbase.....70"!! Is that correct?? Seems really short.
I guess on paper the formula car with a body is more in line with an LMP3 car.
anyway, just an idea. Maybe it's a better idea to get an SRF and juice it up with hp and tires.
There are a lot of options beyond SRF. There are a bunch of ex-D Sports Racers (now called P1 or P2 in SCCA) around. These are typically bike engined making 180 to 200 hp and run lap times similar to or faster than a Formula Mazda. They typically have wings and tires similar to or wider than the Mazda. The older ones are no longer competitive in SCCA major races so they are not so expensive (again you can get them in the $20,000 range - or less).
Based on prices I've seen in the past, that asking price for an FM without the engine is way overpriced unless they've also been massively caught up in pandemic pricing.
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