I am not a lawyer. If you are serious about creating a project which might infringe on 3rd party intellectual properties, always get legal advise by an actual professional lawyer familiar with IP rights. But as a layman I believe this to be true:
Names are protected by trademark law. You can generally use a trademark when the owner doesn't use that trademark for business purposes anymore and doesn't have a registered trademark for that name.
Architectural features like race tracks and mechanical designs like cars are protected by copyright law. Copyright expiry durations vary around the world, and can be somewhere between 50 and 120 years.
What would it cost to use a trademarked name / copyrighted design in your game? Whatever the owner wants you to pay. You would have to find out who owns the IP rights and negotiate with them.