Does Formula build boats on speculation?
 

I have been looking for quite a while, and cannot seem to find any new Fastechs at dealers. I am thinking that with the economy that they only build for orders, and not for dealer floor plans. Not sure if anyone has insight into this, but I am interested in hearing thoughts from those who may be better informed. I have been searching, but have had little luck in finding anything.

Heck....when you are even looking for a good used boat, it is almost impossible to find a boat for sale...292s specifically....that are less than 6 years old. Is it the case that people just hold onto them?.....not many built?....something else?

Any thoughts would be nice to hear. Thanks!

I can't comment on Formula's inventory but I can say that I have a client close to Decatur, IN where Formula is located. Over the years while visiting the client I would drive by and see a number of larger/performance boats shrink-wrapped - I assume awaiting shipment to dealers. However, in the last couple of years when I drive by there is nothing in the parking lots. Maybe they just build to order?

3pointstar

They do not mass produce as the used to, and especially the 292, after about 07 they have very limited build numbers, One thing that Formula may have screwed up, yes I am actually saying this and I bleed Formula, the cost of the 292 became so close to the 353 that it was a no brainer for people to step up the extra coin for the 353. this is a product of the economy and where the hobby has gone, there really is no entry level go fast anymore, 25/32ft, with that said it has been very good to rehab the used boat market in that area, I overpaid for my 303 3.5 years ago for a few reasons, clean, 1 of graphics, and power, it was the nicest boat I could buy on my budget, I feel as if i decided to sell today I would not take much of a hit.... again this is just my opinion which to be honest is probably worthless LOL

I would agree. The entry-level new boat market is pretty much gone. Checkmate gave it a good try with the 260 though. I go to dealers all the time, I just enjoy seeing new boats and the only new boats on the floors seem to be bowriders/small cruisers.

I too LOVE the formula brand but understand the economics as well. I remember around 2008 thinking used formulas 5 years from now will be worth a fortune.....cause they aren't making very many of them right now!

Formula builds boats that dealers are willing to floor plan. However, if they don't sell quickly, the dealer has to start paying for the boat (but hard to sell when you have an empty lot). Dealers got stuck paying for boats they couldn't sell so they stopped ordering......and formula stopped building them.

I still say this shortage of new boats is going increase the used boat market prices in the future.

look at the overall market for the llast several years...... flooded with used boats that the previous owners couldnt give away.... new boat sales seriously in the tank to the point a lot of new boats took a couple years to sell. its going to take a few years for the pendulum to swing the other way... at least it look like it has at lleast started in that direction finally.

Went to a formula dealer in Conroe texas, asked where the fastech was, they said they didn't display them, that they were order only. This was a 2 years ago.

Dealer decision.....not corporate "formula" decision. Dealer pays for a boat they put on the lot whether it sells or not.

That makes sense. The had 2 ss or fx(?) models there I think. Also I ate at Popeyes just down the road haha

Dealers stock what sells, and the glory days of performance boats are long gone. I suspect the hyped sales from 2000 to 2007 was more of an aberration than anything else, and will never return. The Formula dealer at LOTO sells a ton of new boats each year again, but they are mostly SS, and a few PCs. Last year they sold 350SS bow riders like crazy. They start carrying a large inventory now, with the boat shows coming up. Check out their new boat inventory page, http://www.formulaboatsmo.com/boats_all.asp here. You can see what sold recently during the fall. And scroll down to the bottom where they still have a new untitled 2007 382 Fastek for $225. That pretty much says it all about where the new performance boat market is at.

I sold for the local dealer here on LOTO when the 292 was released, the first two years we sold a few each model year, but it was really too small of a boat for the "weekender". Pricing was also an issue as said earlier, when the 353 Sport was released(HUGE mistake Formula IMHO) it killed the 292 sales. New Fastechs took the first hit in new Formula sales around 2006 and sales numbers declined year after year. When they stopped offering the "Formula Program" financing, new boat sales where few and far between. The used performance market is still very strong on LOTO, and nationwide, hopefully we will see a new boat trend reborn in the new year.

I recall talking to a dealer at the NY boat show last year. He was predicting that Formula would be bankrupt within the year. I don't think that's the case however they definitely aren't selling many new Fastechs these days. Seems the new "CBR" series is the big hit now. The Cuddy/Bowrider. Several brands including Formula, Sea Ray, Chaparral and Cruisers Sport series make one. Makes sense seeing as you can go 60 but have a ton of space.

How about the ad half way down that says,


2014 Formula / 292 FASTech

This is the last 2014 Formula 292 FASTech in the world. Call or e-mail today for an incredible deal on an amazing boat!!!

nice insight from the other side, yes, that financing thing may have hurt also

At the St Louis show in Feb last winter I talked to the guys at Formula Boats Missouri and they had sold 5 350 OB's already. They were trying to order a total of 11 for 2014, saying he can easily sell them. Anyone interested in talking to them talk to Joe Gibbs there. Real good guy. If you are looking for a good selection of performance boats around LOTO I'd go to PBC (Performance Boat Center).