Aw. Car racing is a lot of fun, and there are a lot of multimillionaires browsing this forum. You can get a used F1 car for less than a million, so it's not inconceivable that someone here could actually be one.
It goes karting, Formula 4, Formula 3, Formula 2, and then formula 1. Karting is relatively accessible, < $10k. Amateur formula one is then only a million to start and then a couple hundred grand a year upkeep.
Amateur Formula One? Is that really a thing? How do they class the cars? Every year the cars are different due to rule changes. Unless everybody has a used F1 car from the same year, it seems like the cars could be pretty unmatched.
Any car can be a race car, period. I used to do track days in my Honda Fit. And there are actual competitive classes for them. If you want to get on the track, bring what you've got. I've seen people bring minivans to track days before.