Formula Society of Automotive Engineers (SAE) (FSAE) is a student design competition organized by SAE International (previously known as the Society of Automotive Engineers, SAE). Commonly, the student team performs a lap simulation as a point mass, bicycle or planar model of vehicle dynamics allow for the design of a top-level concept of the FSAE vehicle. However, to design different FSAE components, a full vehicle simulation is required including a comprehensive tire model. In the proposed study, the different tires of a FSAE vehicle were tested at a track to parametrize the tire based on the empirical approach commonly known as the magic formula. A thermal tire model was proposed to describe the tread, carcass, and inflation gas temperatures. The magic formula was modified to incorporate the temperature effect on the force capability of a FSAE tire to achieve higher accuracy in the simulation environment. Considering the model validation, the several maneuvers, typical for FSAE competitions, were performed. A skidpad and full lap maneuvers were chosen to simulate steady-state and transient behavior of the FSAE vehicle. The full vehicle simulation results demonstrated a high correlation to the measurement data for steady-state maneuvers and limited accuracy in highly dynamic driving. In addition, the results show that neglecting temperature in the tire model results in higher root mean square error (RMSE) of lateral acceleration and yaw rate.