Frankie Muniz Making His Return to the Racetrack in 2023: 'I Still Have Unfinished Business'

Andrew de Lara

Frankie Muniz is taking care of unfinished business.

On Wednesday, the 37-year-old actor announced that he will race the No. 30 Ford Mustang for Rette Jones Racing and compete for the ARCA Menards Series championship beginning at Daytona International Speedway on Feb. 18.

Muniz tells PEOPLE that the birth of his first child inspired him to pursue his dream of racing in a series. "It hit me when I had my son," he says.

"I want him to grow up seeing me reach for my dreams and work hard for something that I'm passionate about, and the one world where I feel like I still have unfinished business was the racing world. So I'm going to go racing."

Muniz's son Mauz, with wife Paige Price, was born in March 2021.

RELATED: Frankie Muniz and Paige Price Are '1000% Obsessed with' Newborn Son Mauz as They Share First Photos

Andrew de Lara

Muniz says he "caught the bug of wanting to be a driver" in 2004, after winning at a tournament in Long Beach. Now, it's been more than a decade since he's raced, but he'll make his season debut on Saturday in Daytona.

"I have a lot to learn and I know that," Muniz says of the racing world. "But I'm going in, I'm putting in a hundred percent because I don't wanna look back at this opportunity and go, man, I wish I tried harder."

Muniz will be racing the full season, but his measurement of success won't be entirely based on his stats from the racetrack. "Obviously, I want to win a bunch of races and all that," he tells PEOPLE, "but that personal success of feeling like you accomplished a goal is really important to me too."

Andrew de Lara

He knows he has "a steep learning curve" returning to racing at age 37, but Muniz says he's going to Daytona "with the intention to win." That energy is required on the track, he believes. "I feel like as a race car driver, you have to feel like you belong and you have to feel like you're ready and to go fast."

RELATED: Frankie Muniz Teases a Possible 'Malcolm in the Middle' Revival — Written by Costar Bryan Cranston!

Another driving force in Muniz's passion for racing is his "ultra competitive" personality, the actor explains. "I don't have 10 years of opportunities. I gotta make this happen right now. So in that sense, I'm just eager to get rolling. I want to be competing for wins, but I'm also realistic."

As he prepares to make his debut this weekend, Muniz says he's "ready for the challenge, 100 percent."