Update or sell and buy up?
 

Ok I'm looking for guys who have spent 40k or so updating current boat vs selling and buying a newer boat. I got a 1988 Formula 311 that the wife loves and we don't want to go bigger or smaller. It really is a perfect fit for us. Boat runs good and looks ok but she is dated. My plan is rebuild current 420's with new heads roller cam, bla,bla,bla, and upgrade to konrads. Wife wants to change her color and interior. Now I'm looking at 40kish if I do all the work myself. Probably will wait until I blow a TRS for the konrad. So my question is do you make it yours or sell and buy up?

Spending 40k on a 1988 formula 311 does (let alone any model boat) does not make any financial sense...others may disagree but any time you have to sink more money into a boat than its worth, well its not worth it. Heck, even half the value...its not worth it. Buy a newer boat with modest power and XRs then go enjoy it.

I wanted a big fast cast. Out of my budget.

I bought one: new motors, new drives, polished the gel. Saved 150k plus

Any suggestions? We like that I can still pull a wake board but also go out on lake michigan and not feel like we're going die. We play on our local lake and the ramp won't support anything bigger. Also I can't afford a 150k boat I'm in the 50-60 range, I refuse to make a boat payment or 20 years.

You love your boat...clearly you know you will never get your money back for making it fresh...I say update the heck out of it and enjoy it...Life is too short to worry about what the return is...this is not a return game...just IMO.

Good luck :ernaehrung004:

+ 1 If you buy a different boat you just buy someone else's headache you know your boat and everything about it JMO Have fun

My opinion is sell over upgrade. To drop 40K on a 27 year old boat that's worth maybe 15k and will only be worth 15k after dropping 40K to update?? I would take the 40K, find a 20+ year newer Formula 311 Fastect;, faster, newer power, more modern color combo, plusher cabin, blah blah blah, and go beat on it for the next 20 years. Money way ahead....JMO

I just went through this exact thing. I couldn't spent 20k on a 20k boat that would be worth 20k when finished. I sold my boat and bought newer and never looked back.

I have to agree with the above posts, for that money, time to upgrade with a more efficient hull, and maybe even EFI. You will have the value in the total boat with the newer hull. Your old boat upgrade will never recoup the money when eventually you part ways. Sell the machine, good starter boat for someone. Buy a newer boat and go boating!!!

33 Baja outlaw, 35 fountain, scarab etc, just a few that will be a lot newer, updated, efi, in your price range and worth a lot more than an updated formula. Oh and prob don't have a rotted bulkhead, weak transom, soft spot in the cabin floor, water trapped under the cabin step.... Just a few common issues with sr1 formulas