Formula 1 is LEGO set 392-1. It doesn't have a score so far. The set is recommended by 2 reviews, based on 1 scored review and 3 reviews total. We know this set was released in 1975, and it is categorised in Hobby Set.
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Not exactly a picture of beauty but there's something about it. Stand back and squint a bit… oh well, please yourselves… In the year 2012 it does look a bit basic, but in 1975 there was nothing to compare it with. They did what they could with what they had.