To make a racing seat cheap
you can make a frame of tube iron
and then use MDF / Plywood and fix that to the frame,
then add som soft foam to the back and side panels,
for the seat u can use some cind of expanding foam that will form to your body and then u sit perfectly.
just trim of the extras and top it of whit some soft foam
use plastic bag or something like it between u and foam an cover seat save u the clean up :-)
add ur choice of fabric and color
it can`t be all good looking ,but i bet u will sit good
here is a consept drawing of how u can do it