A form of parity has been used since 1995, as the FIA started to measure the minimum weight including the driver. The drivers' weight was not taken into account before that year. As far as I know, the lack of any parity was not a real issue, despite power steering and semi-automatic gearboxes were already in use then. And in those days the cars were a lot lighter than the contemporary ones. Hence, the drivers' weight affected the car's performances a lot more. What makes it different nowadays then?
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