I too am a fan of the sport. My favorite movies depicting formula one racing in order are as follows:

1) Grand Prix
2) Senna
3) Lauda
4) Rush

Racing in the Rain: I separate this movie because while it was about a Ferrari formula one test driver it was really about a DOG.

The movie Rush was about James Hunt who I met at a party across the street at my Ferrari's friend's home. He died shortly afterwards.

The soundtrack for Grand Prix is etched in my mind's soundtrack forever and I can still see the entire opening scene.