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Sebastian Vettel: Mercedes the favourites... for now

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What can we expect for the 2018 F1 season? (2:20)

ESPN's Jennie Gow and Sam Collins discuss what fans can expect from the new season as it kicks off this weekend in Australia. (2:20)

MELBOURNE, Australia -- Ferrari may not have set the benchmark during winter testing but it hasn't stopped Sebastian Vettel from labeling his car "great" ahead of the season-opening Australian Grand Prix.

The Scuderia appeared to be around half a second slower than Mercedes in long-run, race simulation during the eight days in Barcelona and only really showed glimpses of improvement in their one-lap pace.

However, 12 months on from claiming victory Down Under, Vettel remains hugely optimistic about the prospect of 2018, insisting it's a long season and Ferrari is already well placed.

"I think it's right to put Lewis as the favourite for this year, but it's a long season," said Vettel. "I think our car is great, there is stuff to come so plenty to look forward to.

"We are in good shape, we could be in better shape, but it's always like that."

Vettel, like Mercedes rival Hamilton, is gunning for a fifth world title, one that would draw him level second on the all time list with Juan Manuel Fangio, but the German isn't getting carried away with records and statistics this early in the year.

"I have a lot on my plate and I'm also happy to look forward to what's right in front of me, so it's not on my mind now," Vettel said. "We all know many things need to come together to be able to fight for the championship towards the end of the season and then to win it.

"I'm not setting these things out or looking forward to what could possibly happen. If it would happen it would mean a lot and then I think you'd start to realise [what's been achieved]."

"Now, I am searching for the ultimate satisfaction which is to win with Ferrari who are the greatest team in history and the greatest team in the paddock. That is my ultimate target now."