Flywheels, also known as clutches, are used in automobiles and other devices. The price of a flywheel depends greatly on the engine or space it is being used in. For a smaller engine, the cost of a flywheel is roughly $400. A larger engine raises the price to as much as $800. Installing the flywheel leads to additional costs, and will depend on the reputation and location of the mechanical shop and the quality of the product.