After sacrificing 2021 to make a big leap with F1's new regulations, Haas has enjoyed a much more competitive 2022 season with Mick Schumacher and Magnussen, who replaced Nikita Mazepin.
Magnussen immediately took fifth on his return in Bahrain, and while the team struggled to be competitive on a more consistent basis, its haul of 34 points sees it enter the second half of the season in seventh place.
But Magnussen thinks 2022 is just the beginning for Haas as he believes the top teams still enjoy a sizeable advantage despite F1's cost cap.
But speaking to Autosport, the Dane believes that advantage will erode over time as the cap, which falls to a base figure of $135 million next season, continues to rein in the sport's biggest spenders.
"This year the big teams still have an advantage they built up when there wasn't any cost cap," Magnussen said.
"And then hopefully that will start evening out down the line a couple of years from now, so that it will be actually quite equal."
Magnussen hopes F1's competitiveness will get closer to IndyCar, in which top teams Penske and Ganassi still have an edge, but other teams have a legitimate chance of winning races.
"There will still be good or bad teams and I think, Ferrari being Ferrari, Red Bull and Mercedes with the history they have, they still have an edge in attracting the best people and the best drivers," he explained.
"But I do think it's going to be more equal, so that you might see something like IndyCar where you still got some teams that are constantly performing at the front, but the small teams have a shot. Hopefully it will be a little bit more like that."
Team boss Gunther Steiner hopes the cost cap can help Haas achieve its ambitions of competing for podiums during the current regulations cycle as the big teams can't outspend the competition.
"The reality is if you do a good job, we should be able to go to the podium," Steiner added.
"I think the same is for all the other nine teams you know, so who's doing a better job can achieve it because of the cost cap and the stable technical regulations.
"I would like before this regulation ends that we can go for podiums, and that is what we are here for.
"Now we are pretty stable as a team. We just need to work to do a good job to get the good car, to stabilise ourselves financially and keep on going and growing with the sport.
"The big teams don't have a chance to run away because they've got three times the budget, so it's down to us now to deliver."
