Formula Outlaw

As some of you know, my wife and I are splitting up.

The value of the boat has come into question with regard to how much I should pay her for her half.

It's an 89' 311 SR1 with one original 454 mag with 665 hours on it and one replacement 454 mag with unknown hours on it.

New Eddie Marine aluminum manifolds and risers with ten hours on them . Removed the "silent thunder box" and installed new Stainless Marine tips with superflapper. On a 1 to 10 scale, "Outlaw" is probably a realistic 7.5 or 8. The cabin is in excellent condition. There are some stress cracks alongside the hull and on the upper outside gunwale (spelling?) that have to be dealt with at sometime in the not too distant future, also some near the hatch hinges. Currently the boat runs fine.



My wife has put a lot of "sweat equity" into our house which factors into the equation of the financial split of the proceeds our house will bring.

I have put a lot of sweat equity into the boat which I feel should also factor in, like her with the house.

I offered her 15K for her half of the boat. She claims that she has seen ads for similar sized boats (no idea what type, maybe power cruisers????) going for 80K.

With the gas prices what they are, etc., I figure realistically I could get 35K maybe a tad more for my boat. I figured the slightly uneven split was for all the sweat equity I put into the boat, as she did the house.

Would like some straightforward opinions on whether I'm on the mark or not.

I just feel that if "her" sweat equity is factored into the "house equation", that my sweat equity should also count. Am I right in this thinking or wrong?????

Thanks for the help.

R-Don

Sorry to hear the bad news man,

Tell her to look at these replies.

Damm that peice of junk aint worth 5K, its so old and theres all that gell coat work to be done, how many hours on that engine? Man you just gotta be joking, you might have to pay someone to take it away, fibreglass is difficult to dispose of these days.

Wish you well on the split.

jaybird

Sorry to hear the bad news. I'd say your value assesment is pretty much on the mark. If you are factoring in sweat equity on the house, why not the boat? Best of luck sorting things out during this difficult time.

HiPerf2000

iTrader: (2)

Show her the book value of the boat.............

http://www.nadaguides.com/Values/Val...del=1600186886

October 3, 2005 print this page


Low Retail Average Retail
Base Price

$21,700 $26,150
Reported Engine Range: 351 - 400 HP (5.7L - 8.1L )
Total adjustment for your engine(s) - Add: $4,970

TOTAL PRICE $26,670 $31,120

Boat Specifications

Length: 31'
Model Name/Description: FORMULA 311 SR-1
Boat Type: Stern Drive Power Boat
Hull Material: Fiberglass
Beam: 8'
Engine: 2
330 HP
Gasoline
Net Weight: 7,400

Maritime_Eng

Outlaw-

Sorry to hear the bad news. I would have to say that 35K is a realistic dollar amount for a boat like yours at this time of year. People can ask what ever they want for their boat but that doesn't mean that someone will buy it for these inflated prices that are out there.
Hope this helps,
Good Luck.
Don

ThirdBird

I'd say your right on the money Russ. Actually, as seen by the above value, you're being quite generous and reasonable. However, these kinds of negotiations are never reasonable.

Good luck.

Poorsche

Find out what the bank will loan--in most cases they won't finance anything that "old" at all so you're faced with finding a cash buyer--which automaticvally lowers the price. MagicFloat can give you specific Formula numbers.

I think you are over-estimating value of boat at $35K. You need to use a garage sale/estate sale/estate tax valuation--in other words what it will bring this afternoon. $mid 20's is about it.

Bill272

This probably will be hard to read, but here's the BUC Value -

THUNDERBIRD PROD CORP, DECATUR, IN,
Model Year 1989 Hull Material Fiberglass
Model FORMULA 311 SR-1 Hull Configuration Deep Vee
Length Overall 31' 1" Draft 2' 10"
Length On Deck Beam 8'
Boat Type Offshore | Open Weight 7400 lbs.
Engine Type Inboard-Outboard
Twin 365G
Mercury Marine/Mercruiser Ballast

Retail Price Range:* $30,700-$34,100

Please see the vessel condition table below, to determine how condition affects market value.


Excellent (Bristol) Above BUC Condition BUC Condition Fair Poor Restorable
Plus 15-20% Plus 10-15% No Adjustment Necessary Minus 10-20% Minus 25-50% Minus 50-80%

Ted G

iTrader: (1)

I just paid 35k for an 89 with 502 EFI's, Imco Steering, Imron, Big stereo, etc. with a trailer. Boat is an 8 or so.

t500hps

I was going to say ask offshoredrilling (Rob) because he just sold a 311. Seems the new owner just piped in with info. Maybe those 2 could provide you with their purchase agreement to use a evidence as to the value of yours.
PS. As described I agree, 30K-35K is accurate.

And good luck with the "trial". May your lawyer be at his best.