The cost to Hamilton in fees and set-up expenses proved unsustainable. The council has racked up a bill of more than $50 million and race-related loans of about $22 million.
Clearly, this offers a warning to other cities that may be thinking of hosting the event. It need not, however, be a total deterrent, particularly in the case of Whenuapai.
Hamilton's biggest problem seems to have been increasingly poor attendance. An event that started with a throaty roar attracted only 105,000 over three days this year.
That is little more than half the number estimated by the Waikato Chamber of Commerce when Hamilton secured the rights.
If the Auckland Council were to host the event, it would need to be sure an attendance of 200,000 people was sustainable. That seems reasonable.
The city's population gives a good chance of achieving that figure, and the prospect has been enhanced by improved access to the air base through the Hobsonville motorway link.
The supercar racing is also a ready fit with the Auckland Council's desire to enliven the city by having annual events, rather than one-off or transitory celebrations. Equally, it would bring substantial benefits to the city's hospitality industry with minimal disruption or inconvenience.
Yet, in striking a deal with the event promoters, the council has no need to sell itself short.
Auckland, as the country's biggest city and commercial capital, enjoys a head start when it comes to hosting such events. While it lost several events a few years ago, it is still where most event organisers want to be.
The council, therefore, has no reason to subject itself to onerous fees. In the case of the V8s, it holds an especially strong hand because the Australian promoters, whatever their rhetoric, need to be racing in New Zealand to tap into its strong fan base.
As well as striking a deal with the Auckland Council, the promoters will have to convince Defence Minister Wayne Mapp that the air base should be made available.
Seven years ago, there was reluctance to grant approval. It was said the racing could damage the main runway and that military operations would be seriously disrupted.
That never appeared convincing, and eventually Prime Minister Helen Clark intervened to ensure Whenuapai would be available for 10 days.
A similar approval should be given this time, especially if the 3.5km track can be built clear of the runway.
Creating a temporary race track at the air base should, obviously, be a far easier proposition than organising a street race. Disruption to the local community should also be minor in comparison to a street event.
The only real questions are those on the viability and economic benefit of the event.
If the Auckland Council can be sure that racing at Whenuapai will not invite a repeat of Hamilton's experience, the V8 Supercars should finally find their logical venue.