So, I've finished Sebulba's speeder apart from a bit more weathering. I don't see why they made an actual prop, when the whole pod race is CG?..or maybe it isn't? Anyway I'm glad they did, for my reference alone.
Besides some shots that used real models, I think mostly them just sitting at the start line. Back then it was super helpful for a real model to be made so the cgi guys could make sure all shapes, textures and lighting were best they could get it.
I think now a days they have perfected it pretty well and probably don't need a physical model.
I never learned how to create any type of cgi, so I'll always love a real physical model.
There were a lot of pod racer models built for the movie. The line-up of racers in the arena for the start of the race was all models. The shots of the pod racer pit area interior were entirely done with a model set (with actor and creatures added with CGI). It looked amazing in person. We could view it from removable panels in the floor, and it felt like you were in a real place.
Also Sebulba's crash was done with a model (the cockpit sliding through the sand) - and it was close to the same size as your model!