I got this for my 5 yr old boy who loves lego. We built it together and this was harder than other lego products listed for 7-14 years despite being only 130 odd pieces. The tough part was figuring out at which hole certain pieces go in. It might have been difficult as this was his first technic set and like all lego new ones, it takes a while to get used to the pieces. Once it was built (building is fun as well as you can talk about the various race car parts) , the is just an unbelievably amazing play toy. Its really fast when pulled back, very smooth, can go on wood or carpet, and when used a ramp it can climb up and make a jump quite easily.
I really like the shock absorbers at the front and helps the assembly stay together on serious crashes. It also has a nice seat to place a lego character (note the lego character needs to hold on to the steering wheel and not really fix on the seat).
Regarding the price, we got this at the lego store for $19.99 , it seems the price elsewhere is more expensive as of the time of this review.