357 how much is this worth.
 

Just wondering what is my boat really worth. It has 502 mags with 600 hrs. It is in great shape.

what year ?

1993 that has a 1994 eagle trailer.

Low 50's if it's in really great shape. Most will say mid 40's but I've seen a few at that price and the overall condition was not great. That is what I'd be willing to pay for a good one though.

And if the exhaust is in the same shape.

I know one for sale in great shape with BRAND NEW 502 EFI's for mid 40's for sale for a long while.

Jon

Boat Trader shows 11 357's for sale, but if you look at the ads it seems like there are only 9 boats listed.

High price is $79,900 for a 1989; ad says HP500s but no pics so it could just be the broker's imagination; interesting to note that this guy is WAY above anyone else in price. IMHO, he's dreaming. Low is $39,900 for a 1986 and a 1988 (two listings, looks like the same boat though). Average price is ~$55,700. Consider that these are asking prices and most of them are listed by brokers, who get 10% right off the top, and you're right around $50K for a "sell it yourself" asking price - and not too many people are getting their asking price these days.

Not a great market for performance boats, seems like it has been trending downward for a while now. I know it took me over a year to sell my Powerquest, and I had it listed as the lowest priced 280 on the market. In the end I bit the bullet and took a loss of several grand just to sell it.

Thanks for the input, looks like I'll have to dive it for another couple of years.

Check out this related news release about general boat sales:
http://www.nmma.org/news/news.asp?id=4558&sid=3

I'd bet sales of performance boats are not doing as well as cruisers and fishing boats. And the insurance industry is doing it's part to kill performance as well, another thing to consider.

You don't see many 357s that are as new as 1993. (Or as old as my '85 - wanna trade?) Seriously though I'd think that being a 1993 in great shape would be worth a big premium and mid 50s wouldn't be out of the question. No? When I was shopping for mine there seemed to be a lot of newer ones that were in the 45-55k range.

I was hoping to get around 70,000 but it does not look that way. All the older one's are around the 50 to 60 range.

try pricing a newer model 35-38' formula.
$50-60k for a nice clean 357 seems like a bargain to me.

I agree your boat at 60,000 seams like a great deal. I was hoping to get close to 70,000 for mine. I hate to wite a check for 20,000 just to sell it.

You won't find an argument from me - I think I've let it be known that I love the 311s and 357s. But, here's a couple thoughts on why they don't seem to be worth as much in the used market:

• TRS drives on most of them. True or not, the "dock talk" is that TRS are hard to find parts for and I think that really hurts the resale
• Ugly ass interiors. No matter what color, they are uniformly bad, though red borders on hideous. When the CFO/Admiral sees acres of red velour, she doesn't exactly get that warm fuzzy feeling
• Dark gray/black dash - really dates the boat and is not cheap to alter
• No step. Some folks like the straight V, but all the marketing hype is "steps steps steps"
• Carb motors, no EFI

Add it up and you get the perception that these boats are "yesterday's technology" - when Joe Buyer is looking at boats and he sees that Formula doesnt' build boats like this anymore, it's all white dashes, Ultraleather interiors, step hulls, in the current models, it kind of dates the boat. Add in the fact these boats are pushing 15-20 years old, well... there's only one brand of boat that holds significant value over that amount of time and it has a big red #1 on the side.

I guess what I'm trying to say is that a 311 or 357 needs a special buyer, one who does his homework and appreciates the solid build of an old Formula and likes the idea of a wave-crushing deep V more than 3-5 mph on the top end.

My 2 cents (and a 311/357 is on our short list of boats if we're ever actually able to scrape together the cash to go boating again...)

I bought a 1989 357sr1 last year with 420hrs stage 3 420hp mercs, with all options and an eagle galvanized tri acle, freshwater only for 35k. All depends on where you look...

I just listed mine in boattrader. I own two boats this one needs to go.

mfb, did you cut down the windshield? It looks "shorter" than normal, or maybe it's just the perspective from the pictures?

mfb357,

Cool 357, have some folks coming to look at my lil' cig this week.
Have gotten a few other nibbles from the ol' OSO network. (wouldn't be interested in a neat little BBC
20' Cigarette, would ya?).
May have to talk to you about yours! :D

Oh, and I known a little Gailic there too my friend.
Pog Mo Thoin ;) :D :D ;)

Uncle Ernie

If you're so concerned about what it's worth, put it up for sale and see what happens. Oh, that's right, you did that - and you still own the boat.

Guess that tells you it ain't worth as much as you would like.

Bottom line is that anything is only worth what someone will pay for it. Plenty of "real world" responses in this thread indicating that a 357 is a 35-60K boat, right or wrong that seems to be the market for these models.

The performance boat resale market is extremely SOFT!
I can remember back 3 years ago to all of the boats that I would see online could be sold in as little as a month. Now, I see the same ads over and over again for months.

Blame it all on insurance or rising gas prices ( 2.27 per gallon for 87 octane at 76-not even on the water) I too am in a quandry trying to sell my Formula now for 3 months. Subdued and neutral in color, I thought that I would appeal to a broader market. Most boats out West are tribal or flame graphics.

Dockrocker is correct. A 15 year old Formula is a "classic". Only a select few can truely appreciate the timeless styling & beauty of a well-built hull, although dated. Most will opt for more technology and fuel efficient, lighter weight hulls. Complete with warranty and "new car smell".

Good luck with your boat sale.

Hugh

Hugh, I agree on the market - if you watch boattrader you'll see the same boats listed for months at a time. I'm guessing that high gas prices + high insurance rates + the noise gestapo and other eco-weenies are helping to put a bite in the market. I know we've talked about going back to something like the Sunsports from Formula rather than another offshore mostly because of insurance costs and hassle (finding coverage is getting to be a royal pain in the ass...)

Dockrocker

I do watch the boattrader listings every other day as i am looking to go bigger. I am shocked at the rapid depreciation of newer Cigs, Outerlimits, Hustler, and Formulas. I am also appalled at trying to find a good home for my boat in this "buyer's market".

I looked at a 2000 280SS before settling into the 292. The 280 suited the families needs, but not mine. I have to say that I was bitten by the offshore bug when the Bushmills Grand Prix came to Newport Beach in '78. I was able to see the likes of Betty Cook, Nordskog, and Rocky Aoki signing autographs in the pits. I was only 11 and totally stoked! Now that I am established in life, I can afford the pricey toys.

Great Formula for sale... did I mention the phat sound system? Good chatin' with ya.

Hugh

With the very low interest rates you have to realize that the new boats are as easy to own as a used one......

Jon

Audiofn makes a good point as well. Hugh I know first hand about the depreciation on a new boat! Bought a 280 Powerquest new in Feb 2000; thank God it was a leftover 1999 and I got what I believe was a smokin' deal - roughly 35% off MSRP. That way it only cost me ~$6K to sell it two years later... :(

Suffice it to say, I've learned my lesson on new boats. Unless I win the lottery or plan to keep the boat forever, it's going to be used boats from now on....

Pool Whore -

Is that a 357? What year? Sorry not wanting to buy (I have an '85 357) just curious as I am planning on painting mine all white also.

Thanks

bdford, I think that is an older 292/311 looks short in the ass end?

MFB357

It's a 1989 292 completely gone through in 2001. I love the boat, but need to go larger to negociate the afternoon windswell of the Pacific Ocean.

Here is a shot of the modernized dash.

Hugh

Looks great! I like it in all white. I think I'm going to have to do the same thing to mine.

SOLD:( :confused: :) Time to start shopping.

Congrats on the sale. Is there an OL in your future?

Wildthing - Sorry to be nosey but I'm courious what you got for her. (I have a 357 also).

Only tell us if you want to.

I got a fair price and did write a big check. I did get more then the highest trade.

That's good. Your 357 looked exceptionally clean. What did you get to replace her? Do you have pics?

Not yet??? We know what we want but the $$$$$$$ are keeping us away.

I just packed it away , kinda sad it has been a great boat just time for to change. Now what is the new boat a 419 or a 37 OL

Wildthing congrats on the sale. I know you were getting frustrated. Boats like yours ussually sell if you can just get the buying to see it. Lots of buyers unfortunatly are scared of the age. Glad it all worked out and keep us posted on your search.

Jon

Thanks for all the kind words, the surveyor said the boat is a 12 out of 1 to 10. The new owner will be extremely happy just I was with it.

Wildthing, congrats on the sale! Like I said, you just needed the right buyer to come along.

Will the boat be staying on Lake St. Clair or going elsewhere? Good luck on the new boat purchase (and if you're going to pick up a 419, let us know - I want to buy stock in Exxon! :eek: :) )

Thanks Dockrocker, the boat is going to NV. I was going to look at a 419 but don't really want tripps. My preference is a 37 OL.

Wow! Damn near all the way across country. 37 OL is a sweet boat; from what I've read around here, you don't get a lot with the 419 v the 382 except a bigger gas bill. Cockpit and cabin are virtually identical in size, etc, I think Troutly might know more. You don't see too many OL's around Detroit, that would be a sweet ride.