Canberra's inaugural Festival of Speed starts its engine this weekend, with more than 200 cars assembled over two days at Thoroughbred Park including Formula 1 vehicles, V8 Supercars, Ferrari F40 and other rare and exotic supercars.

The cars will take to a specially-built bitumen circuit at Thoroughbred Park over this weekend, March 2 and 3.

Gates open at Thoroughbred Park on Saturday at 4pm for racing and exhibitions that go into the night, with the cars taking to the circuit under lights, including Cam Hill's V8 Supercar.

A family day is planned for Sunday, from 9am to 4pm. Children aged 11 to 16 need a ticket. Children aged 10 and under have free entry.

Both days will feature a food and beverage village.

Some of the cars are worth millions of dollars, including a Ferrari 288GTO worth $7.4 million.

Tickets can be booked at canberrafestivalofspeed.com/

The link is here. Tickets can also be bought at the gate.