From the literature review, it is apparent that there is a gap in quantifying the performances of multitone waveforms specifically for radar applications and experimental results not commonly found. This paper focuses on the radar performance analysis of multitones with P3 phase-codes in simulation and experimentally to determine the effect of hardware on radar performances. For this purpose, a softwaredefined radar (SDR) approach has been used, including a digital core with hardware in-the-loop controlled by MATLAB and an analog front end that uses bandpass sampling and a reference channel. The proposed radar setup with processing algorithm has been evaluated in terms of processing time, showing that a realtime implementation on the latest field programmable gate array chipsets is feasible. This approach is flexible and entirely arbitrary waveforms can be generated with an instantaneous bandwidth up to 800 MHz. All the experimental results presented in Section IV are beyond the state of the art and bring novel insight into the impairment of SDR.