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You need brakes!
Brakes do not count towards the cost of your vehicle as they are considered 'safety equipment' so go nuts if you can. Good breaking allows for better driving.
Band brakes were once considered bad, but supposedly in 2016 they were marked as “just fine” by smart people. Hydraulic brakes are doable. Disc brakes are good, and most people use them.
Brake lights are awesome, and actually do help other teams from plowing into your rear end. They are not required, but they are recommended.
(Add links below to various brake solutions)