$500 car + $1500 to have a cage made & welded in + $300 seat + $300 fire system + a few sets of wheels + a few sets of tires + fuel + entry fees + helmet + driver's suit + gloves + shoes + nomex underwear + hotel + food + water + spare parts.
A LOT of it is one-time costs, so cost to run gets lower and lower the more you run the car, but if you're just going to run 1 event? Yeah, it's not just $500.
I know it's not $500 and go out there and race


I don't remember if a "racing license" is required, might be included in the entry fee.
Not required.
Side note, I'd think that we would be able to come up with more than 6 people who would be willing to pitch in and help out in some capacity.