The Queanbeyan racing star will step into the unknown in 2017 as he channels his competitive nature into mountain-bike racing and running after announcing his retirement from the driver's cockpit.

The former Canberra Raiders ballboy opened up to Fairfax Media about life out of the car, his wins and crashes and a career of no regrets.

Webber also backed Daniel Riccardo to continue his rise and challenge for the F1 world title as Mercedes try to fill the massive hole left by world champion Nico Rosberg.

TIME TO RETIRE

Webber spent 11 years racing on the F1 circuit and has a highlight reel that includes wins in Monaco, Germany, Brazil, Spain and Hungary.

The 40-year-old started his career on a humble go-kart track in the capital before launching his career and taking on the world in 1998.

Porsche officials wanted to keep Webber in the driver's seat as long as possible, offering him the chance to keep racing in the world endurance championship.

"So many people in sport manage to get that timing right when their best days are behind them, and I wanted to find out where that slope started rather than roll down it," Webber said.

"It was good to be weaned off slowly [after finishing F1 in 2013] ... I had the decision my mind that my three year deal with Porsche from 2014-2016 would be it, but I had ups and downs.

"Sometimes F1 years are worth two years because it's so mentally draining, and I wanted to finish with a little bit in the tank."

Webber says retirement will hit him when the season begins without him next year for the first time in 19 years.

But he hopes his open schedule will allow him time to return to Canberra more often after spending two decades living his dream abroad.

A NO-REGRETS CAREER

Webber tasted sweet success in almost every format and also dealt with the lows of mechanical failures and spectacular crashes.

"Things happen for a reason. Do I have any regrets? In terms of pace or bravery, probably not. Did I make errors? Of course I did. I made thousands of mistakes," Webber said.

"But I know I got the most out of myself. I would have loved a 40-year-old head on my 20-year-old shoulders. But I look back now and say how the hell did I do what I did? I'm proud of it."

He raced for Minardi, Jaguar, Williams and Red Bull in his 215 F1 starts, claiming 42-podium finishes and pole position on 13 occasions.

He won twice in Monaco, regarded as the toughest and most prestigious race, as well as two wins each at Great Britain and Brazil.

However, there were also hairy moments where Webber's car flew uncontrollably through the air that gave his family some nervous moments.

"When you have such a long career, you're going to have some accidents ... there will be things that happen that you can't control," Webber said.

"I've had three or four really nasty ones, some you remember all of it. But there was one in Brazil that I remember nothing of and I didn't come around until we were in the helicopter.

"You learn from that, but you can't train for it. It's all just part of the sport."

SMILING ASSASSIN RICCARDO

Riccardo has ruled out a move to Mercedes to replace Rosberg, who announced his shock retirement from the sport after winning the world championship this year.

Riccardo has two years remaining on his contract at Red Bull and Webber believes he can use Rosberg's absence to his advantage as he chases a the No. 1 spot.

Riccardo, 27, took the reins of Australia's F1 hopes when Webber retired in 2013 and he has won four races.

"Daniel was probably the most consistent driver in the field this year and he's absolutely world class, in that top three drivers," Webber said.

"He's in a position to go again next year and certainly vie for the championship if Red Bull can get the car together because Nico is virtually impossible to replace in the short term at Mercedes."

Webber admits he was surprised by Rosberg's decision to walk away so soon after rising to the top of the competition.

"But I'm also really happy for him ... things just line up in your life and he's decided his time is now," Webber said.

"Nico and Lewis [Hamilton] drove each other to be better, but now they won't have that all-star line-up. Lewis is brilliant and absolutely ruthless, but this will shake up the F1 market."

BREAKING AN AUSTRALIAN DROUGHT

The F1 season will begin at Albert Park in Melbourne on March 26, but no Australian has won their home race since Alan Jones in 1980.

Webber's best result at the Australian grand prix, which he describes as the best organised event in the world, was fourth in 2012.

Riccardo finished fourth this year, but Webber says it is narrow-minded to put pressure on Riccardo to win the Australian race.

"Australians focus on Albert Park, but of course Daniel wants to win everywhere," Webber said.

"I was so proud to race in Melbourne because it is honestly a phenomenal event, I always did my absolute maximum there because I wanted to win.

"It's totally do-able for Daniel to win races and doing that in Australia would be an absolute bonus. But the next day you get on a plane and the F1 show goes on."

WHAT'S NEXT?

Webber has floated the prospect of reviving the Mark Webber Challenge endurance race as he invests time in things he couldn't do while racing.

Webber has been working on a plan for a multi-sport event to feed his competitive and fitness appetite.

"Racing sometimes got in the way of what I loved doing, and that's riding my mountain bike and running," Webber said.

"I don't want to sit under a rock or on a beach somewhere. I'm still young in life and the fire is still going. I constantly get asked about the Mark Webber Challenge, so that's something going on behind the scenes."

Retiring could also free up time for Webber to return to the capital to watch the Raiders play almost 30 years after he was a ballboy for the likes of Ricky Stuart, Laurie Daley and Mal Meninga.

Webber had hoped to be in Australia to watch the Raiders' preliminary final against the Melbourne Storm this year, but his schedule didn't allow time.

"But what I want to see most is Canberra getting behind them like they do in Europe for teams - that would be brilliant seeing a full house every time they play."