I'm looking at purchasing a 2002 Formula Fastech and would like some information on the setup, and what everyone's opinions are. Also if there are any items I should look out for when purchasing or just great info from owners. I've listed the specs below:

Stock
Twin 6.2 MPI Merc
Bravo 1 drives
Under 100 hours

What are the cruising and top speeds?
Whats the current price range I should be spending?
Insurance rates?

Any help is certainly appreciated!

I had a 1998 with 502's....ran low 70's with a best of 74. Are the 6.2's 300hp? The 454/310hp boats run 64-65 at best and I believe those motors make more torque.

It's a great boat but those motors would scare me away. Value.........low $40's. Insurance varies greatly depending on carrier but expect $1K or more unless your real tight with state farm/allstate.

6.2s are 320 hp. A 292 can run low 70s with that package. I expect a 312 to be in the 60s with those motors.

What's scary about the 6.2 engines?

the scary thing for me would be the engine package .very few had small blocks .you may buy it cheap because of that in itself .but you will have a tuff time as well when you go to resell .most have 454 mpi s 385 hp .i had a 2003 w 496 ho.s that i hated but had downsized from a 382 fastech .in my eyes not a good boat for the ocean but designed for a lake. but only my opinion .any chance this is the 1 @ certified sales been sitting their for over a year and that should tell you something

The 6.2's are fine.....in a smaller/lighter boat. The 312 weighs 8,100 dry, that's what a 39 velocity weighs. Very few were built because they didn't sell well. A 64-65 mph performance boat isn't going to cut it for most these days. If your happy with that then buy it, just know it will be very hard to sell later. You asked for our opinion and your getting it.

Exactly, buy it right price wise and if you are ok with the speed I would say 65 tops under perfect conditions you will be fine. If you are buying it with the intention of making it an 80 MPH boat, just buy an 80 MPH boat it will be cheaper in the long run.

Cruise is going to be around 45 MPH I would guess and around 4200 rpm. Any less it will want to drop of plane

These are all great responses and I appreciate them all! Lots to consider......

Bradman, heres some solid facts than guesses. My father has a 2003 312 with 6.2s. The 6.2s werent the bottom option for the later model 312s. You could have gotten 350s which is 300hp compared to 320hp 6.2s.

The truths about a 312 with 6.2s because i have experience hands on with one; operating and maintaining.......

If you want a fast boat dont buy a Formula. If you want a safe secure dry ride and high 60s (68mph gps any day any chop with 6.2l 26p props) then you will be investing in the right brand. Formula did away with the 312 after 2003 because they had the 292, 312 and 353. They were priced close to eachother so one would have spent a little more and jumped to a 353 or saved a few and went 292. Having experience on several fastechs of different sizes I would have a 312 if I was in the fastech market in the 40-50 price range. Im a trailer cruiser guy so its not in my future but there are a few simple reasons why. Unlike the 292s, the Formula 312 bites and come on plane in seconds no matter how you lay down the throttles with tabs down. There is no cavitation/prop spin problems like the 271 and 292s exhibit. Sharp turning is well mannered, no sliding. The 312 will give you no bow slap unlike the smaller 292, it gives a heavy feel across 3-4s with no propblem. At the helm on a 312 you can sink you head below the windshield so your face and eyes dont get battered by the driving winds as you are on plane. Cruising speeds of 40-45 can be acheived easily at 3600 rpm with the 6.2s. (Someone said 4200 lol... recommended max wot range is 5000-5200 -you arent falling off plane 800rpm from wide open......)

Im not sure what the scare is of the 6.2 engines, typical maintenance is all they call for. If you move up to a 353 with 454s they will not run any faster than high 60s but can handle the rougher water a little better but thats with anything bigger is better in that case. However if you wanted performance you would have to turn to the blue engines, hp500, 525s etc and they have their own maintenance schedules that involve tear downs of the top ends.

Insurance is around a grand a year. Look at the classifieds there are a few in the 30s range but they are older. I would look for a low hour unbastardised one. That meaning when someone start listing their rebuilds and upgrades walk away. Chances are there was a reason why they had problems in the first place and the chances you will have a problem again is good. The one downfall i forgot to mention is anything below a 353 your restroom is your bed lol. The porta potties are hidden under the front berth. Good luck, pm the link to the boat you have your eyes on im curious of what its like.

Finally, the truth about 6.2 Mercs. The 6.2's are designed and built by Mercury to give 454 performance (HP and torque) in a lighter, small block package. They have been a compete success in that regard.

As opposed to a 454, 496, or 350 engine they are NOT an all cast engine built by GM. They use a Lunati forged steel stroker crankshaft, steel billet cam and roller rockers and are completely built by Mercury. The 320hp tune that the standard 6.2 is delivered in is very detuned from their potential as some who have done even slight mods have found out. Given the choice I would choose 6.2 Mercs every time.