Not to besmirch older building techniques, but I kind of like the alternate model more than the primary. It's not too terrible looking, but given the limitations of the parts and how smooth the source material is, it's not the prettiest looking racecar in LEGO at this point in time. Also those tires, they don't look right because they're not fat enough. The width is good, but the should have a taller wall to them, and obviously not as much tread, and I'm not even a car guy. But you know, 1986, I'm not going to nitpick too much; with today's parts, it's not even a comparison.
However, that plane looks pretty great. Lots of swooshing possibilities with that one.

How many sets have there been called “Formula One Racer.”

I love the plane.

@Darth_studious said:
"How many sets have there been called “Formula One Racer.”"

Good question! Apparently 3 according to Brickset. This one, 6604 and 491.

@Reinier said:
"I did not get this for my 7th birthday :("

I didn’t either. But to be fair, I was 9 at the time. I don’t remember what I did get for my birthday that year. I bet it wasn’t as cool as this though.

@LegoRobo said:
"That’s no race car! That’s a plane!"

That looks like a race car AND a plane to me.

I own this. But neither did I get it to my 7th birthday :) I bought it some used some years ago after my dark ages. It's a nice set, but certainly not among the best Model Team sets I'd say. The tires are indeed a little strange for a formula car, and it is quite blocky by design. Still, a fun build!

I got the truck that came out the same year. I think model team was a great theme. Now the tradition continues with the Creator series.

Feels more 1978 with the roof tile and predominately red and white bricks, but the 10 wheels could be useful for a multi-wheeled vehicles which would be a more obvious model B. I'm not sure how many sold as at the time 5580 was far more popular and still is.

I own it and like it! You could lift the cover behind the seat to reveal the engine which was a nice feature.

Never built the B-model though because, if I recall correctly, the TURBO sticker on the side panel of the car is a STAMP; once you applied it, you'd have to destroy the sticker to be able to build the plane...

I owned this and the details and smoothness was just so nice. Model Team was such a superb series.

I still own this. It's at the bottom of a toy chest.

I remember begging my parents for this set then- I was 9 years old. When it came for Christmas I remember running around with the box (it was SO heavy) and marveling at how many tires the set had. Very simple building techniques but I loved the Model Team theme primarily for the Technic mini-figures. Still have this set today along with all four of the mini-figures and their accessories.

I didn't get it for any of your birthdays (including mine as well) but bought it some years ago MISB and all I can say is it is a lovely set with stunning engine detail and actual steering. Tyres are of course weird but this was the standard Model Team tyre back in the golden days. Miss the Model Team theme so much.

Creator Expert before Creator Expert was cool! I still have mine, only Model Team I still have. Nice set.

I recently sold my entire Model Team collection. It included this made up plus another sealed one.

I really like that biplane! The engine reminds me of an R.E.8

R. I. P. Model Team, as well as your spiritual successor, Creator Expert.
LEGO, what are you thinking?

@AllanSmith: why on Earth would you do that?