"It is certainly something interesting that needs to be done within a cost business case that is sustainable for Formula 1, and also from a financial side. I don't know how much cheaper a new engine would be. We need to look at it twice.
"We don't want to do the mistake of 11 years ago where we said 'Let's call in the engineers to come up with a concept', and we came up with a fantastic, very efficient power unit that is very complex where the cost of development is still very high."
Honda has announced it is withdrawing from F1 at the end of this season, citing a rebalance of its resources in order to meet its own in-house goals back in Japan.
With only three prospective engine manufacturers involved in F1 heading into the future, Wolff said running costs down has to be discussed before the technical aspects of any new engines.
"I think we need to reduce the costs for the OEMs that are engaged in the sport, and that is the highest priority," said Wolff, of Mercedes, Ferrari and Renault.
"Moving from there into the technical decisions and what we can do in order to have a relevant power unit for considering the fantastic knowledge moving out there on road cars."
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