The fastest time in a Formula 1 car was set in 1975 by Niki Lauda driving a Ferrari. The time was set during Saturday qualifying before the German Grand Prix, and was the first ever lap below seven minutes - 6:58.6.

In his book 'To Hell and Back' Lauda wrote -

'This came during Saturday qualifying and was possible only because I was in a special sort of mood that day and ready to go for broke to an extent I have never permitted myself since. As I flashed past the pits I glanced in my rear-view mirror and saw the mechanics waving their hands in the air. I knew then that I had cracked the seven-minute barrier.'

The official record however (times have to be set during race) stands to Clay Regazzoni at 7:06.4, set on the day after Lauda's time.