The motorsport enthusiast event will be held on March 24 and 25 on Pateena Road, Longford, and organisers have promised a better event than last year with new additions.

The festival was established last year to celebrate the 1950s' and '60s' era of motorsport in Northern Tasmania - an era that saw the town host some of the sport's biggest names.

More than 100 cars and bikes from around the world will travel down the Flying Mile as part of the two-day event.

Food, wine and entertainment will also be on offer.

Daily ticket prices start at $18 for adults, with family passes (two adults, three children) available from $45.

Children under 13 enter free when accompanied by an adult.

Extra ticket options have also been created this year that include passes to the Premium Viewing Area.

Festival event director Mark Perry said the area would offer ultimate spectating of the Flying Mile from a new height.

Prices for the area start at $25 for adults.

Another addition to the festival is the children's area.