Here is a list of parts you will need for a conversion from a running Formula Vee to a Running Formula First.

 

Part Qty Info Per Unit Retail Price * Total*
Brake Caliper 4 New $43 $172
Rear Caliper Bracket 1 Set New $16 $16
Front Rotor 2 Lug drilled to the wheel spec you want. (4 x 4" VW recommended) $61 $122
Rear Rotor 2 Lug drilled to the wheel spec you want. (4 x 4" VW recommended) $62 $124
Inner Bearings 2 New $6 $12
Outer Bearings 2 New $6 $12
Wheel Seals 2 New $2 $4
Bare Front Beam 1 New 160 $160
Internal Sway Bar 1 New $110 $110
Sway Bar Spacer Set 1 New $22 $22
Torsion Spring Pack 1 New $59 $59
Beam Shock Mount Kit 1 This kit is available, but depending upon your design, you may not want or need it.  $25 $25
Upper Torsion Arm 2 Used $69 $138
Lower Torsion Arm 2 Used $99 $198
Beam Dust Seal 2 New $2 $4
Disc Brake Spindle Lt 1 New $71 $71
Disc Brake Spindle Rt 1 New $71 $71
Dust Cover (Hub Cap) 4 New $2 $4
Front Axle Clamp Nuts 2 New $5 $10
Front AxleThrust Washers 2 New $1 $2
Wheels 8 For a set of slicks and Rains at a minimum  ~$75 each and up $600
Dry Slick Tires (Rear) 2 Hoosier FST Spec tire $168 $336
Dry Slick Tires (Front 2 Hoosier FST Spec tire $139 $278
Rain Tires (Rear) 2 Hoosier Rain tire, but this spec is open $247 $494
Rain Tires (Front 2 Hoosier Rain tire, but this spec is open $226 $452
Long Box Trans (see rules) 1 You may already have one of these with your car or you will have to have yours converted.    
12V Starter motor 1 You need this because the 1600 motor flywheel gear teeth setting are different. $140 $140
1600 FST Engine 1 See Rules. You can build your own if experienced. ~$4100 (complete) **  
Dry Sump tank and fittings 2     $300+

* These are prices as of this date  6/2012.  Prices can change. SR Racing can offer you a package price that will save you quite a bit from what your total might be. Also with a trip to a well supplied VW salvage yard or other VW vendors, you may find better pricing.

** This can vary slightly with desired options, cooler and oil plumbing type etc.  Your running FV engine can be sold for anywhere from $1500 to $3500 depending upon history, etc.

So, if you purchase all from a retailer (most new),  you will approach $7000.  Some items torsion arms, beams, etc, can be found at salvage yards and VW flea marts.  You should be able to sell your existing FV components for anywhere from $2000 to $5000. Depending upon how much you race, your net savings could be $1000 to $2000 per year. (tire longevity). Most FST parts are less expensive, new and readily available. So there could be a bit more savings. (Brakes, etc.) Engine rebuilds run about the same as FV, except most parts are less expensive.