Tyre models are a prerequisite for any vehicle dynamics simulation. Tyre models range from the simplest mathematical models that consider only the cornering stiffness to a complex set of formulae. Among all the steady-state tyre models that are in use today, the Magic Formula tyre model is unique and most popular. Though the Magic Formula tyre model is widely used, obtaining the model coefficients from either the experimental or the simulation data is not straightforward due to its nonlinear nature and the presence of a large number of coefficients. A common procedure used for this extraction is the least-squares minimisation that requires considerable experience for initial guesses. Various researchers have tried different algorithms, namely, gradient and Newton-based methods, differential evolution, artificial neural networks, etc. The issues involved in all these algorithms are setting bounds or constraints, sensitivity of the parameters, the features of the input data such as the number of points, noisy data, experimental procedure used such as slip angle sweep or tyre measurement (TIME) procedure, etc. The extracted Magic Formula coefficients are affected by these variants. This paper highlights the issues that are commonly encountered in obtaining these coefficients with different algorithms, namely, least-squares minimisation using trust region algorithms, Nelder-Mead simplex, pattern search, differential evolution, particle swarm optimisation, cuckoo search, etc. A key observation is that not all the algorithms give the same Magic Formula coefficients for a given data. The nature of the input data and the type of the algorithm decide the set of the Magic Formula tyre model coefficients. © 2014 Taylor & Francis.