the magnet sits in a dip. You can cut out this dip and then superglue the magnet flush with (or lower than!) the chassis bottom. i coat the underside of the mag with glue in case it comes off and sticks to the rails, but this has never happened do far.
Note - lowering the magnet by the thickness of a piece of paper makes a noticeable difference, so be careful!
As Astro points out be very careful about the amount of lowering you attempt. You can increase the amount of attraction to the point, where all you are doing is slowing the car and being able to drive with your finger on the stop button with no increase in performance.
If you are going to goes as far as modifying the car you may as well just stick a SlotIt c-shaped flat rectangular magnet about half an inch behind the guide inside the chassis. This makes the Panoz GTR go as fast as a second generation Fly Viper and gives it some fun sliding capability.
Make sure that your tyres are not hardened if its a more than two year old car and you should be happy. Pendle do a cheap silicone tyre pair for 2.50 that aid handling also.
Total cost five pounds for a great racer (plus a drop of evostick for the magnet).
The car cannot be run at full speed because it fishtails which is good fun up to a point where the car is then having to be driven slowly due to the fact it slides. The magnet is already strong so I think a new set of tyres would be the best investment. GTS Silicon Tyres I think were the make Screwneck referred to, were they not?
My second magnet tip plus GTS tyres will enhance that slide and let you blaze around the corners without sudden tip-out whilst setting new lap records. I'm tellin' ya, it's a good one! I'm sure that the LMP is much the same as the GTR and my GTR outlflies everything (apart from the new Viper cars).
My first racing car in the club was a Panoz LMP-1 and I simply lowered the round magnet by drilling the small hole in the chassis large enough so that the magnet almost dropped right through the car. I then sealed the hole with a piece of ducktape to avoid the magnet to drop through the chassis, but the magnet was now so close to the track that it would take a lot to derail the Panoz LMP-1.
Too bad that the Panoz LMP-1 is a mess without magnet. It really deserves to race in all kind of races!
But maybe others have the solution for that!
what i did. remove the motor and driveshaft. with a sharp exacto remove the cup the magnet sets in and smooth the chassis flat at that location. glue the thicker scalextric bar magnet across the chassis in that same location. put the motor back and let 'er rip. good wheels/tires are a plus.
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