The biggest problem with staying awake all night would be if you were planning on driving home any distance afterwards.
You can always sleep in your car during the race although I believe they have clamped down on people putting tents up in the carpark (as we did in our first visit in '97).
Compared with the cost of a ferry crossing and fuel (and entry tickets) the camping isn't too expensive if split several ways (one per car). This also allows you to make a longer trip out of it and therefore getting better value.
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