New guy with 242 questions
 

Hey folks. I'm new to this forum and come with some 242 ls questions. I live just outside of Mobile Al. I've been around boats my whole life. I have a few river rat boats but have never had the chance to own a formula until now. I plan to make the trip to Miami on Nov 25th to look at/purchase this 85 242 ls. The price seems fair to me, and it is almost exactly what I want. Only lacking the color scheme.

I reckon the first and most important question is do any of you guys know this boat?

Second, what should I be looking for specifically? I realize it's a 31 year old boat and won't be flawless but it seems to be in great shape for its age.

Third, I've done a little research on risers and as far as I know thesee haven't been replaced recently. The boat lived most of its life until just a few years ago in Michigan then went to Florida and it gets stored at a marina out of the salt water. Does anyone make a nice set of stainless risers that won't need to be replaced as frequently when these things are used in salt water?

Here are the pictures I have received from the owner. Like I said it looks good to me other than a few minor flaws.

http://i604.photobucket.com/albums/t...8195826598.jpg

http://i604.photobucket.com/albums/t...8195826514.jpg

http://i604.photobucket.com/albums/t...8195826846.jpg

http://i604.photobucket.com/albums/t...8195826758.jpg

http://i604.photobucket.com/albums/t...8195827152.jpg

http://i604.photobucket.com/albums/t...8195963462.jpg

http://i604.photobucket.com/albums/t...8195827228.jpg

http://i604.photobucket.com/albums/t...8297148488.jpg

http://i604.photobucket.com/albums/t...8297151309.jpg

http://i604.photobucket.com/albums/t...9054565310.jpg

http://i604.photobucket.com/albums/t...9054551406.jpg

I have not seen a formula of that age that either has a new transom or needs a new transom. Check everything good. The 2 yrs my boat was in the salt destroyed the transom assembly.

Thanks for the advice. I'll be sure to check the transom carefully.

Transom, stringer, forward bulkhead. If you are not sure get a survey.

The current owner said it is all original and solid. No signs of rot. I suppose I will see when I get there. Any tips on how to check the stringers and forward bulkbead?

A moisture meter can give you some clues, but ultimately, you really need a core sample to be sure. I don't think the seller is going to thrilled about that putting holes in his boat!

Knock around on the transom looking for different sounds. If the sounds are not consistent, then there are probably some voids.

On the forward bulkhead (just aft of the fuel tank) see if you can press in the fiberglass (typical rot casualty because Formula only glassed the outside portion of the bulkhead).

Stringers, I'm not sure of how Formula attached the engines in the twin engine boat of that era, but the '87-up versions used engine plates thru-bolted to the stringer. If the stringers are bad, the mounts will tilt inward. There are outer stringers/battery boxes also and these also rot due to having things screwed into them without sealant (or the sealant failed after x-many years). Check for soft spots.

She looks like a nice boat, but be ready for some work. It's not impossible for it to be rot-free, but it's highly doubtful.

Keep us informed!

Ask the seller if he would share the cost of a survey...

Thanks for the info. Basically it's just like checking any boat for weak wood. Just much larger... from the pictures it seems to be well cared for. Guess we will all know next friday after the 12hr trip to check it out.

It doesn't have a trailer. I have a trailer just don't know what set up I want to go about using for the bow stop. Any suggestions on what would be a good set up?

What is he asking for the boat without a trailer? Does he say what the boat runs? Should be 64-65 I would think.

Regarding the risers, they look like 3 inch, where 4 inch is the standard now. Are the engines original? There are many options for manifolds-risers from original mercruiser, to oem replacements (GLM, Sierra, others) to aftermarket (stainless marine, emi etc. etc.)

He is asking 6k for it. The engines are original. I think around 650-700 hours or so. He says it will do 65 as it sits right now. He had an ignition module go bad one one engine and replaced it. He has since bought a spare for when the other fails. He has only replaced 1 riser so I suppose I should be saving up for some emi or stainless marine.

Here are a few more pictures of it I didn't post earlier. These were when he first got it before the gps and new gauges were installed.

http://i604.photobucket.com/albums/t...9216443465.jpg

http://i604.photobucket.com/albums/t...9216443723.jpg

http://i604.photobucket.com/albums/t...9216444114.jpg

It does look nice from the pics and I think that price seems pretty fair

I agree. I know it needs to be buffed, the sides show a little haze. The owner says it easily shones back up with a light buffing. Even if it doesn't I'll just wrap from the rub rail down that doesn't bother me. The main concerns to me would be the condition of the wood, ans the engines/outdrives. I have a spare outdrive and 1 engine I could always use. When these go I would prefer to go ahead and put a little more punch in them anyhow.

I owned a 1987 242 LS for 5 years. Great riding boat for its size! Same color scheme you have, inside and out.. But I had to replace the transom twice, because the first guy did an incomplete job and in two years his work failed and no there was no warranty.

The rest of the boat was great. Easy trailering and many good times. Be very careful about the transom! But it seems like your price is right. You won't find a newer boat that size with a ride as good.

Thank you for your input. I've been researching for a while and found that formula makes what many consider to be the best bang for the buck boats when it comes to this size and style. Maybe it will be what I need it to be and last for a while before needing a transom.

I replaced the transom in my 242. Cost me about $500. I did it from start to finish in 3 weekends.

I have a friend that does excellent fiberglass work that would do it for me for a reasonable price. I just hate to get down there to find out it needs it
Only one real way to know.

Do you guys know of any company that has the snap in carpet already made for a 242?

The ask is $5500 in Miami w/o trailer. The boat has been on Craigs for about a year.

When do you plan to look at it ?

In a few weeks. The price is now 6 because he has paid 3 months of storage on it now. I was hoping to get it cheaper and might once I get there but not sure. He said the engines are original with about 550 hours on them.

The owner got a larger boat and doesn't really use this one anymore. He said he doesn't really want to sell it but can't justify keeping it and doesn't want it to sit in at the marina costing $600 a month storage. I don't mind doing some work to make it nice as long as it's structurally sound. I haven't found any others at that price that actually run, much less have nice interior and less than 600 hrs on them.

My experience with fresh water boats that come here have always had corrosion problems with the manifolds, risers and blocks/heads.

Be very dubious about both engines/manifolds if they are originals. For some reason, after years of fresh water corrosion once the old iron is exposed to this warm salt water here...the corrosion accelerates rapidly. I bought my 255 Liberator out of Traverse City MC and in less than a year I had rotted out manifolds and a hole in a water jacket in one of the original 260's. Hours don't necessarily matter once the engines are 30+ years old and are raw water cooled.

To be on the safe side...budget in your mind re-powering very soon...I did !!

Repower is cheap. I have plenty of 350s laying around.

Hopefully it won't be an a issue for some time. He's had it down here for 3 years.

I get it and understand...I'm only suggesting you consider what the boat is worth with no power and no trailer.

Best of luck.

Which would be what? I see many in worse condition selling for 15-18k running. Worst case is 3k for a transom and 4k to build a set of engines. I still see only about 13 in it. I have a trailer so that isn't an issue. What would you guys value this boat at if it needs engines?

NADA Guides can give you an idea what she's worth running and in the appropriate condition. Subtract your engine and structural costs from the total and that should get you in the ballpark.

FWIW this IS a twin 242 configuration. In my mind that is worth a lot. Factor in a good set of healthy SBC rebuilds and a pair of Bravos and you should have a great boat.

Thanks for the words of encouragement. If it boat is still run in mid 60s with no issues hopefully I'll be able to squeeze a few more years out of it before needing to drop some coin on it.

That's exactly what I did with my 255. Bought a pair of strong Vortec SBC's w/zero hours, purchased all new intakes, exhaust, ignition, brackets, hoses, water pumps, starters and accessories....about $10K. I picked up 2: Bravo Transom Assemblies, Couplers, Bell Housings, and fresh late'90's Bravo I Drives plus two 23" Mirage props...about $5K. Bought a new torsion axle, 4 wheel disc brake aluminum trailer for $4250.

I paid $3500 for the boat and an old steel trailer. I ran it for almost a year before the port motor started leaking thru the block. The steel trailer started dissolving like an Alka Seltzer in a glass of water in the salt water here so it had to go.

So for a little less than $23K I have a 37 year old boat that is solid, reliable and will run mid 70's if need be and run 60 -65 for hours at a time....plus it rides good !!! LOL

I have rationalized that the value I have now is in the power and the rigging ....that can be swapped to another boat with ease.

Here's the latest local ad for your boat:
https://miami.craigslist.org/mdc/boa/5806143640.html

Hope all of this helps with your thinking...I think you could probably buy for less.

Here's a link to my restoration http://www.offshoreonly.com/forums/f...or-update.html.

Good luck...and if I can help you on this end let me know.

John

Thanks John. I reckon I'll see what the lowest dollar is on it is when I get there. Maybe it'll come on home for about 4500 or so. I just hope it isn't rotten.

As far as a survey, you might try contacting Chatman;s School in Stewart, Fl. They have the training class for surveys maybe you could get a deal using their students.

thanks. thats a good idea

The set up with the blocks for storage looks daring. And bold.
Or hes showing off the bulletproof stringers, if its still square.
Not all of those still are.
That one looks pretty nice.

Hopefully it will be. Long ride to find out but a little fuel and a ride is worth it to find out.

I looked at dozens of boats when I was searching. Wasted hours and gas on turd after turd. Dont get discouraged if this isnt the one, you'll find it. I finally found mine in Conn. and drove 10 hrs one way to buy it. Since then i have slowly replaced nearly everything. These boats are not easy to own but they are worth the trouble. You will love a classic 242 and especially after you put your own tweaks and mods on it. Best of luck.

Yeah this is a 10 hr ride as well. I have poured hours of love and effort into my little 82 model glastron. All boats are like a child(lots of time required, and expensive). I just like the lines of these older boats and something sticks out to me about a 242. Maybe this will be a good one.

Red. I (my parents) bought a 84 242 SBC several years ago for about the same price. The boat was always a Michigan boat. When I looked at it, the boat ran good and looked good but the bottom had black bottom paint on it. Not a big deal because the boat now sits in their boat house in the water during the summer. Here is the list of things I found wrong with the boat thru the years.
The front seat wood is rotting and the screws are pulling out.
The electrical is always a problem in older boats. Make sure it hasn't been jury rigged together.
The cabin door latch screws are pulling out of the lexan.
The front windshield glass becomes loose. I had to rebed both sides this summer.
Original gauges ware flaky.
Original shifter was stiff but probably because of the older cables. New cables will run you about $20.00 ea on ebay and you'll need 4.
The swim platform flexes A LOT with only two supports.

As with any older boat check these areas.
All the holes in the transom below the water line WILL eventually leak water.
Check the outdrive play between each one. Since they are connected with a internal tie bar and controlled with cable steering these components are subject to a lot of wear.
Like someone else stated the outer stringers are subject to rot because of poor sealing when someone puts a screw into it and doesn't seal it.
Inspect the outdrive bellows and shift cable bellows. Current market price for a bellow repair is $750/ side. I just did mine on my twin I/O Sea Ray and its not fun.
Gimble bearing - does it have excessive noise when turning.
I still think $6K is still a dam good price for the boat. It has a top that looks in good condition.
You have to remember something about older boat. They all eventually will have problems, some small, some big, but in the end your farther ahead in fixing a older boat.

Thanks for the reply. I've spent all day today removing the board from the trailer, removing hubs to repack bearings. Tomorrow hopefully can get the hubs and wheels back on and carpet new boards for it.

Well, found some pitting in the bearings once i got them cleaned up. Sent my wife to the local bearing house and they wanted $348 for bearings!!!
I decided to pull the hubs I just put on my car hauler last week and use them for the trip. When I get home I'll order some new bearings for the existing hubs for about $50...
The boards on the trailer being true 4x8 pt pine rough cut were kind of a pain to locate but found some today and she picked those up as well. Hopefully this evening before it gets dark I can at least get the hubs swapped and wheels on it.