Okay guys and gals, I like photography as much as the next guy who knows nothing about photography. I've been using an old crappy Olympus point and shoot, as it's all I've got. I've got decent results by learning some stuff here (like good lighting, benefits of a tripod, etc.)

So here's the deal, I think I'm going to be going to a race (my first one) and I'd love to take some decent photos with a decent camera. I know I'm not gonna sit down and learn all the ins and outs of a true photog's camera, so I want something an amateur can slowly get into, but still get decent pictures before learning how to custom tailor settings and all that. That being said, I don't know what's important when taking photos of race cars at high speed. I need to know these factors so I can take them into consideration when looking for a camera. Any advice would be appreciated.

TL;DR I'm a noob that wants to buy a new camera and need to know the qualities necessary in a camera to photograph race cars in action. That way I can make a better decision on which camera to buy.

Here's one I took with my crappy Olympus with some iPhoto color boost:

Biggest problem with taking pics of fast objects  with point and shoot and most mirorrless cameras is the inability to focus quickly and even more so , ability to track focus points  .

First off , don't even bother with anything other than a DSLR .

Reason is DSLRs generally use Phase Detection autofocus ( when not using live view ) . This is much faster than contrast detection of a DSLR . Lots of info on the net regarding the focus type

The delay in the time you press shutter release on typical P&S and even good mirorless vs a DSLR is very noticeable . This is obviously important for a fast moving car

Second issue with focus is the ability to track focus .  If you have a camera that does not have full control of autofocus points and tracking it is easy to have camera have sharp focus on the car you don't want a pic of

Before you think you can just run smaller aperture ( larger F stop ) to ensure everything is in focus, keep in mind this drives down shutter speed  which is not what you want in a fast moving object

Lots of info on Nikon / Canon autofocus modes . The long and short if it is this. With a camera such as a higher end Nikon you can choose the number of focus points and how you want them to track DYNAMICLY

Nikon calls this "Dynamic"  Canon calls this "point expansion" .  So you choose the exact focus point ( could be a athelete's body, a car etc ) and once focus is acquired it will track the object and always continually focus on the one object

This is awesome for sports if you want to focus only on one player. If you loose object the system "predicts" from its movement and tries to reacquire at that point  ( 3-D tracking focus setting )

Focus Speed with different lenses

I would avoid older "screw drive" lens and go with lens that has focus motor built in . Nikon calls this SWM , Canon USM, Sigma HSM

You need a fast ( large max aperture ) not only because you want to shoot a low F stop to keep shutter speed up but focus speed is always more reliable and faster with the pro lenses

The reason for this is when you press shutter release, the camera acquires focus with the aperature wide open.  2.8 lenses lets in far more light to get a good reliable quick focus, especially in lower light .

Even if you are shooting at F11, the focus is done at largest aperture ( smallest F stop ) the lens has .  It is stopped down right before shutter release . That is why most DSLRs have DOF preview button since what you see in viewfinder ( what focus system sees ) is wide open

Frame Rate

Having a camera body that has higher frame rate is very useful for fast moving objects . Essentially you can spray and pray there are keeps

This is why the awesome Nikon D800 is not often used for pro sports . It has a relatively slow max frame rate of 4fps . My old D700 does 8fps !

The Nikon pro sports camera does 11 fps

Camera choices

I'm not saying you need a D4 to shoot cars, just don't get hung up on only looking at the megapixels . The flagship Nikon D4 "only" does 16mp compared to their half the cost D800 that does 36mp

If you want to take pics of race cars just for this one race, rent some  gear and be done with it

I know the Nikon bodies so my suggestion to you that if you want to actually invest in a good camera for cars / sports / landscapes etc then buy a D7100 ( if you want crop sensor ) or D610

The lD5300 / D3200 Nikons don't have the full control of the all the settings as the more expensive D7100 has

Your choice of lenses is limited for your application . I would go with a 70-200 2.8 VRI  ( used ) or VRII  version as your least expensive option .

Most pro photographers that do race cars buy lenses that are far more expensive than the 70-200

Don't bother with a super zoom all in one for race cars. I have Nikon 28-300 and 24-120 F4 , both of which are not cheap lenses . Image quality is great but focus speed is noticeably slower than my 24-70 and 70-200 ( for reasons noted above )

I would recommend stepping up to a DSLR. To take good pictures of high speed action, you need to have a large aperture (f4 or better). This could get pricey, but you can do it within reason.

I like Canon, but Nikon is good, too. Ask around and see what your friends are using. You might be surprised as to how many of them have nicer cameras. I chose Canon, because that is what most of my friend use and we can swap lenses. That definitely helps with cost.

You can get great deals on the canon 60D, right now. A refurbished 60D from Canon is only $576. http://shop.usa.canon.com/shop/en/catalog/cameras/refurbished-eos-digital-slr-cameras/eos-60d-body-refurbished

Coupled with a 70-200mm F4L lens, you have a very capable outfit. Refurbished, when in stock, is less than $600. http://shop.usa.canon.com/shop/en/catalog/lenses-flashes/refurbished-lenses/ef-70-200mm-f-4l-usm-refurbished

That being said, $1200 may be out of your range. The only point and shoots that I would recommend are all of the higher end Panasonic Lumix cameras.

How much money you have to spend?  

That's the first order of business, second is the lens, then the camera, then the tripod.

For motorsports, I prefer the following attributes:

1- DX sensor for the 1.5x crop factor.
2- 70-300mm zoom with image stabilizer (450mm equivalent)
3- A wide angle zoom for the pit and show areas.
3- Fast continuous focus sensor.
4- Fast frames per second (with continuous focus enabled) of at least 6fps.
5- CF monopod with a pistol grip style bullhead.

If you are buying used, you are looking at about $1200 for those attributes.  Else, you are going to be compromising and likely in the areas that are important like the focus sensor system and the fps.  For both Canon and Nikon, those are found on premium cameras.

If you go the route of buying, you will need the camera well-ahead of the race.  It will take time to become familiar with the camera's focus tracking system and practice with it.  It is quite unique compared to pocket cameras.

Assuming that you are going to be sitting in the stands with 10000 of your closest friends, any DSLR and xx-300mm lens will get the job done for you at this race.

What you want to do photographically after this race will probably push you in one direction or another.

Camera bodies come and go; you are buying into a lens system.  Nikon and Canon give you the largest lens collections to choose from.  You cannot go wrong with either one.  Go to a camera store and play with the cameras.  Test their size, shape, weight, button layout, etc.  Buy the one that feels best in your hands.  Personally I like the larger Nikons for the ergonomics.

As 74HC says, you will want to buy the camera well before the race and do lots of practicing.

Alright guys, thanks for taking the time to type out these replies.

I do have some money to spend, and luckily the race takes place during the latter part of September so I can get some practice in. I'll be looking at all your suggestions.

Another issue is that I don't think the track allows tripods through the gate. What's the best alternative?

IS/VR and a high enough shutter speed and good panning technique.

The shutter speed is the tricky part.  A really high (1/500) speed is great for freezing the action (and your shaky hands).  Unfortunately, you often want a slower speed to show some motion blur in the wheels so that the car(s) do not look like they are parked.

Monopod, if you can.