The formula agrees with you, as far as that goes (and so do I...!) but you've changed the question by citing variables that we DO consider, rather than those we don't. And shouldn't.
If one driver with 20 years of experience had spent 4 years developing (say) an Opel Manta, then put a similar effort into a Mazda 626, he/she would be in a position to say, "my lap times at the Indianapolis Motor Speedway make me confident that the 626 is a faster car, at their current weights." That's controlling for two variables (driver, preparation) while looking at the influence of the third - model at a particular weight.
Kirk (who thinks it's pretty funny that he's spent so much time trying to convince the system to add weight to his own race car.
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