New to me Formula 311
 

Hey everyone!

I'm not making it quite official just yet, but as I know you all have seen from my Martinsville thread, I should have a "new to me," 1988 311 SR1 come Saturday.

I think I've looked through pretty much every 311-related thread on OSO, but I haven't found much related to having 502 Mag MPIs in front of the TRS drives (she was a 420 TRS boat originally). I'm guessing that she's probably good for upper 60's? Formula sent me the speed chart for a 1990 with 502s, and they claim 70, but I don't think they take into account the transmission. The max usable RPM of the 502 Mag MPI is probably the limiting factor.

Anyway, the boat is outfitted nicely; she even has a nice set of CMI headers and corresponding tailpipes. With the Silent Thunder modded (if it hasn't been already), I'll bet she'll sound nice!

So 311 owners.... what have your long-term experiences been like with this boat? Always wanted one, and looks like the dream will be coming true here in a few days!

Tom,

Congrats !!! Sure hope you bring that thing to the Chesapeake Bay Family and Friends event in April. Make sure to share pics with us all. .

Cheers,
Chris

That's the plan Chris!

Crap

That doesn't sound like good news is coming

Weather issue or mechanical issue?

Major mechanical. The thinking here is that they probably winterized the boat incorrectly. Two leaking sea strainers, one leaking raw water pump, and now the starboard engine doesn't run right. A leak down test wasn't encouraging. No one seems interested in fixing it either. Formula asked them to ask me to make an offer on the boat as is. What a waste.

I have video of the boat running like a sewing machine from right before it was traded in.... I am beyond pissed off about the situation. I even passed on other opportunities because this boat was a known entity among folks in the CBPBA.

I made a fair offer on the boat considering that it looks like it'll need an engine (at minimum heads). If they go with it, I'll consider buying and getting her fixed. The reality though is that I don't see them going for it. The word is that since Formula has no interest in fixing the boat, they'll just drag it back to Indiana once the deal is closed on the owner's new Formula.

Again, what a waste of time.

Pardon my ignorance, but why would formula be interesting in repairing an 88 model boat? I get your frustration. I hate it for you man. It's all part of BOAT you know it as well as anyone I suppose. Maybe this happened so another nicer 311 can be in your driveway in the future.

I'll rephrase...

It's more that the dealer doesn't want to mess with it since it's a deal between the owner and Formula. Formula will take it and do whatever with it because of how the deal is structured, and the dealer was only going to make a small margin on offering it for sale on Formula's behalf. It's complicated. So there's no incentive to fixing it up even if they'd have someone offering to pay full price.

I understand that things happen, and that another boat will come along, however, this one was supposed to be really worth it; well taken care of by the same owner for almost 30 years, upgraded power, new stuff throughout. It was looking to be exactly what I was hoping to find, and it sucks that someone's carelessness (seems to have) messed up the works.

I hate when people's lack of knowledge ruins something that was once great.

I can't with certainty says that's what happened to the boat, but the signs are there.

Did the 242 sell yet?

Not yet, but it's still the heart of winter... when spring comes, she'll be gone quickly I'm sure. A friend of mine might be interested.

Might not want to sell her till you find the 311 lol

Do you mean a formula dealer took it in on trade for a new boat?
Hard to believe the formula factory is dealing directly with a customer and taking their old boat in trade.

Yes, they took it on trade for a new custom boat (big $$$), and this boat's trade toward it has something to do with tax offsets.

The way it was explained to me was that they are a showroom for Formula, and the deal is essentially a passthru for them. Maybe they're full of it, but my business does the same thing with one of our vendors all the time.

That makes sense to me. EXCEPT whoever winterized the boat should have caught all the issues correct? Did this dealer perform any kind inspection before taking it on trade?

They took the boat in trade rather quickly; Formula asked for compression numbers on the engines and the general condition of the boat. Formula accepted, and they went forward. I'm not sure of how long they were waiting on things, but I know they mentioned some scrambling to get it winterized due to a harsh cold snap that hit the area.

The video of the engines running that I received from the owner just prior to delivery to the dealership show a very nice running boat. Smooth, smooth, smooth, So either they messed up winterization, or maybe someone took the boat out and beat the tar of it. Who knows.

I know they've winterized the boat from yesterday's work. I have a reasonable cash offer on the table that I believe Formula is now aware of. I'll know more later today I'm hoping,

This I my kind of deal! Similar to my little 242. Spend all day working on it before bringing it home.

Maybe your offer will work and you get a deal on it and fix it your way.

I'm tired of fixing boats! I want to be able to actually use one on the water versus yard boating!

In discussions with the guy I'd want to do the work, he's thinking about 10k to fix and make right "if" the block is toast. My offer is based around that number, and would keep me in the ballpark in regard to the spend.

We shall see.

Tom,

Sorry you're dealing with this crap. Wish there was something I could do to help. Lord knows wife and I know exactly what your dealing with all the SH** we went thru with ours after running it only 5 times...A bit different as ours was a manufacturing issue that showed its ugly face on our watch...but regardless know what you feel like. Hope everything works out. If there is anything I can do to help please let me know.

Chris

Total bummer Tom. Hope your offer is accepted.

I know of someone that deals with the factory direct, they take his old boat as trade. He gets a new Formula every 2 years going way back.

I think we may have come to an agreement, and I have some better information. Details to come.

Done deal!

Some work is needed, but frankly, I made out extremely well!

Josh, thanks a ton for your help yesterday, and for coming all the way out to Edgewater! Much appreciated!

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Somehow I knew Formula was going to do you right.
Congrats. More pics needed.

Tom this is great news, congrats i hope all the rest of the work goes as planned. Nothing like being on the water for the summer instead of the driveway,nice upgrade.

Congrats Tom. Always liked those SR1 lines.

Thanks guys!

This is what I got to see walking in the door when I got home...

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Courtesy of my wonderful (and completely understanding) girlfriend Stacy, and my daughter Jordan.

The boat...

'88 311 SR1, originally a 420 TRS boat, now sporting a pair of low-hour Gen VI 502 MPI's. The cockpit interior is in incredible shape as is the cabin. There's a good mixture of time capsule and updates. The structure seems to be quite sound, and probably has the most solid bulkhead and stringers of any Formula I've seen of that age.

There is an issue with the starboard engine, and it looks like she'll need a top-end rebuild; easy work. And she needs a good cleaning and wax job.

Did Formula and the dealer do right by me? I must answer a whole-heartedly yes!! Frustrating at times, but worked out incredibly well in the end.

Okay, my last post was fueled by little sleep, champagne, and Kentucky bourbon!

It was a good day!

Tom, great to hear this worked out well. Sounds like a little bit of fine tuning and you've got yourself one heck of a boat. Look forward to seeing it in April. If there is anything I can do to help please let me know.

Chris

Great job Tom, great looking boat! Always happy to help! Now I'm off to go buff and polish mine! This weather is outstanding.

Boat is good to go! I have no idea of why she was worked on the way she had been, but I've undone all the stuff that was wrong with the boat, and she's now ready to enjoy!

I'm looking forward to some good times on this old girl!

The world needed some good news. Congrats!

Seeing someone go through the trials and tribulations of buying a used boat, and having it finally work out and make the buyer happy, man that's just awesome. Have a great time with your good ol girl there, the 311 and the 242 have got to be the most popular boats Formula made back in the day, and you get to have a go at them both. Lucky guy.

Nice boat Tom, congrats :)

Glad you got her happy! I hope it treats you well.

good deal! Glad it worked out! hopefully my purchase will work out as nice (so far a bit frustrating).

did you get my PM reply?