Looking at a used 242
10-01-2003, 01:15 PM
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Looking at a used 242
I have been looking at various boats - this will be my first high-perfermance - so far, I have been looking at new/used Fountain, Donzi, and Formula (27' - 29'). I am nervous that whatever I get I will want to upgrade soon and take a bath on depreciation. So now I am thinking it might be better to get something used, learn some lessons, then upgrade to something more ideal. I recently ran across a 1987 242LS - w/recently rebuilt 454 Mag, new B1 leg, new paint (same as original) - owner claims 68mph (I am skeptical) although apparently the engine has been modified to increase h.p. The boat looks clean and well maintained, however I noticed some dampness under/on the middle v-berth cushion adjacent to the bulkhead separating the rest of the cabin. The other thing I don't like is that it has bucket seats (I would replace with bolsters). I also surveyed prices on boat trader and yachtworld.com and it appears this is over-priced at approx. $29K US while the average asking is around 20-22K. It is being offered on consignment at a Formula dealer. Obviously I would only buy a used boat subject to mechanical, survey, sea trial etc. I would appreciate any input on this. Thanks.
10-01-2003, 02:13 PM
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Link to the bow leak:
http://www.offshoreonly.com/forums/s...threadid=58209
29K seems very high
I just picked mine up for 16K with a fresh 502 motor, but most seem to be in the low 20s. (seems like I got a real good deal)
Not sure on the speed with the upgrades, maybe some details on the upgrades would help. I'm sure some guys on this site can give you a good idea, they are very helpful
http://www.offshoreonly.com/forums/s...threadid=58209
29K seems very high
I just picked mine up for 16K with a fresh 502 motor, but most seem to be in the low 20s. (seems like I got a real good deal)
Not sure on the speed with the upgrades, maybe some details on the upgrades would help. I'm sure some guys on this site can give you a good idea, they are very helpful
10-01-2003, 03:35 PM
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Toxic FORMULA
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Mike,
I would say 29k is definitely high
If it were a 272 with twins ok.
As for the moisture , the thread listed above could be the answer. I also found my porti-potty water supply (not waste)will splash out sometimes and leave moisture in the plastic liner.
Formula makes a real good boat that generally hold their value. That's one reason I bought mine.
Don't be ashamed to make a "low ball" offer. I've looked at plenty of overpriced boats and cars. The way I see it
If they are crazy enough to put that high a figure on something...I'm crazy enough to go that low
Also be prepared to walk away if you don't feel REAL comfortable with the deal.
Oops almost forgot...If you do strike a deal , make it contingent on a good survey. I did this on one 272 I almost bought but the survey may have saved my a$$.
It cost me $325 but found things I missed that could have come back to bite me in the @$$. It was money well spent , particularly when your looking at a 16 year old boat.
I would say 29k is definitely high
If it were a 272 with twins ok.As for the moisture , the thread listed above could be the answer. I also found my porti-potty water supply (not waste)will splash out sometimes and leave moisture in the plastic liner.
Formula makes a real good boat that generally hold their value. That's one reason I bought mine.
Don't be ashamed to make a "low ball" offer. I've looked at plenty of overpriced boats and cars. The way I see it
If they are crazy enough to put that high a figure on something...I'm crazy enough to go that low Also be prepared to walk away if you don't feel REAL comfortable with the deal.
Oops almost forgot...If you do strike a deal , make it contingent on a good survey. I did this on one 272 I almost bought but the survey may have saved my a$$.
It cost me $325 but found things I missed that could have come back to bite me in the @$$. It was money well spent , particularly when your looking at a 16 year old boat.
Last edited by mopower; 10-01-2003 at 03:40 PM.
10-01-2003, 07:37 PM
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I'm skeptical about 68 also. I recently sold an 85 with twin 350's for $11,500. The engines were 99's with about 80 hours on them. With the twins it ran 62-64. The bucket seats were a real issue with me too. I hate to drive sitting down, but the price of new bolsters are prohibitive! I think you could find a newer one with bolsters for the same money. Keep in mind, a set of bolsters from McLeod are over $4k. You may even be able to find a 303 or 311 somewhere in this price range.
10-01-2003, 09:05 PM
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Here's a 311 for only four grand more (the cost of bolsters 
). And if you don't know, I'm VERY partial to the paint job!
http://adcache.boattraderonline.com/6/2/6/55748426.htm
). And if you don't know, I'm VERY partial to the paint job!http://adcache.boattraderonline.com/6/2/6/55748426.htm
10-01-2003, 10:19 PM
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Yes, the 311 looks good! But I was planning on staying below 30' - its our first go-fast. With regard to the boat I mentioned, I would probably wait it out for a while and see if the asking price comes down - then make an appropriate offer, especially when its gray and raining in the winter. I would only go for it if its a really good deal (for me) - there are lots of other nice boats around.
Cheers!
Cheers!
10-01-2003, 11:08 PM
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What is your boating experience? I went from the 242 to a 302, and it wasn't that much different to handle once I got used to the surface drives. The switch from an 18 foot outboard to the twin 242 was much more challenging for me.
10-02-2003, 12:19 AM
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My father's 21' Four Winns, so not a huge leap I suppose. I demo'd an '03 Fountain 27 Fever - it was mainly a hell of a lot faster than I've gone before @ 70mph vrs. 55mph. Besides the handling, we want something reasonably easy to deal with on a trailer. The 311 looks real nice, though... hmmmm Still thinking of going for something new, or nearly new with less maintenance to worry about.
10-02-2003, 05:57 AM
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Mike,
Welcome to the board!! You can find nice 242s for a lot less than 29k. That guy is eating too many mushrooms if you ask me. If that 242 was truely cherry, it might bring 22k, 29 is just crazy. As for the 311 Cuda found above, if you're boating any kind of big water, thats the one to get. It looks real nice and stock and has a trailer. You won't grow out of a 311 for quite some time. There are only two drawbacks to the 311 (or any other boat that size or bigger) 1) you need a pretty big truck to pull it and 2) be ready to spend some pretty serious cash on fuel. They ain't cheap to run!!!! But, 33k for that boat looks appealing to me. Matter of fact, I really like "Yellow Birds" so,,,,,,,,why don't you buy my Palm Beach 311 and I'll buy that yellow one
Getting back to the 242 though, nice size boat, handles rough water as good or better than any other 24-25 footer, looks cool, easy to trailer, single engine, good value, great support from Formula if you need it.
You should be able to find a nice 242, '87 through '92 (last year for the 242) for less than that '87. Keep shopping, its half the fun. Oh, just my opinion here but, don't buy new unless you've got tons of extra cash. You'll get killed on depreciation. Just my .02.
Welcome to the board!! You can find nice 242s for a lot less than 29k. That guy is eating too many mushrooms if you ask me. If that 242 was truely cherry, it might bring 22k, 29 is just crazy. As for the 311 Cuda found above, if you're boating any kind of big water, thats the one to get. It looks real nice and stock and has a trailer. You won't grow out of a 311 for quite some time. There are only two drawbacks to the 311 (or any other boat that size or bigger) 1) you need a pretty big truck to pull it and 2) be ready to spend some pretty serious cash on fuel. They ain't cheap to run!!!! But, 33k for that boat looks appealing to me. Matter of fact, I really like "Yellow Birds" so,,,,,,,,why don't you buy my Palm Beach 311 and I'll buy that yellow one
Getting back to the 242 though, nice size boat, handles rough water as good or better than any other 24-25 footer, looks cool, easy to trailer, single engine, good value, great support from Formula if you need it.
You should be able to find a nice 242, '87 through '92 (last year for the 242) for less than that '87. Keep shopping, its half the fun. Oh, just my opinion here but, don't buy new unless you've got tons of extra cash. You'll get killed on depreciation. Just my .02.
