They are three rungs of the same single-seater ladder, in descending order of speed and seniority:
- Formula 1 is the pinnacle of motorsport. Each team designs and builds its own car to the regulations, so performance varies hugely between teams, and budgets run into the hundreds of millions.
- Formula 2 (F2) is the main feeder series, one step below F1. It is a spec championship — every team uses the same chassis and engine — so results reflect driver and team craft rather than car development. F2 races on many of the same weekends as F1.
- Formula 3 (F3) is the rung below F2, also a spec series with a less powerful car. It is often a driver's first taste of racing on the F1 support bill.
The key distinction: F1 is a constructors' championship where the machinery is a variable, while F2 and F3 are one-make series designed to showcase raw talent as drivers climb toward Formula 1. Below F3 sits Formula 4, the usual entry point into car racing after karting.