McRae's death was met by much grief from former colleagues, rivals and fans alike. The announcement of his death took place during qualifying for the 2007 Belgian Grand Prix with ITV commentator James Allen informing viewers of his death. Formula One driver David Coulthard, a good friend of McRae, who was due to represent Scotland along with him in the Race of Champions at Wembley Stadium on 16 December, described him as "an understated yet fantastically talented individual", he also announced that he would race the 2007 Japanese Grand Prix with a helmet livery similar to that of McRae's as a tribute. During the finale of the 2007 Scottish Rally Championship, the "Colin McRae Forest Stages" held in Perth in September 2007, there was no number 1 car as McRae had been due to drive the course car on the event. Instead, his car was parked at the starting point of the rally, where fans were able to sign a book of condolences.
The Liège continued as uncompromisingly an open road event run to an impossible time schedule, and remained Europe's toughest rally until 1964, by which time it had turned to the wilds of Yugoslavia and Bulgaria to find traffic-free roads; but in the end the pressures were irresistible. The Coupe des Alpes struggled on until 1973 until it too succumbed, its demise no doubt hastened by the decision of the French motor sporting authorities to select the Tour de Corse as its representative event in international rally championships.
Rising investor confidence also indicates a rally, and it is perhaps more powerful than any economic indicator because when investors believe something is going to happen (a rally, for example), they tend to take action (purchasing shares in order to profit from expected price increases) that actually turn expectations into reality. Although it is an objective concept, investor sentiment shows through in mathematical measurements such as the put/call ratio, the advance/decline line, IPO activity, and the amount of outstanding margin debt.
The funeral for Colin and Johnny took place on 26 September at Daldowie Crematorium near Glasgow, conducted by the Rev Tom Houston, who had married the McRaes, and the Rev Steven Reid, chaplain at Johnny's school. An address was given by Robbie Head, a former rally driver and commentator who was a close friend of McRae's, with the Rev Houston giving the benediction. McRae's niece and nephews performed the tune Highland Cathedral, a popular funeral song. The song "(Sittin' on) the Dock of the Bay" by Otis Redding, a favourite song of McRae's, was played when the family entered the chapel (coincidentally, Redding himself also died in an air crash). The Proclaimers' song "I'm on My Way" was played when they left. Colin and Johnny McRae were cremated in the same coffin. Among the attendees at the funeral were fellow Scottish racing drivers Jackie Stewart and Dario Franchitti.