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

Sell and move up. Ask anyone who's done a major project, overhaul, or update.

SELL AND MOVE UP!!! You'll be less stressed, have more fun, and be able to do it cheaper.

Mine is on powerboatlistings right now. Just take a look for yourself. Took $60k to get it there and i'm asking $29k .... You do the math.

Correct....I did projects on many boats, it's just easier and better in the long run to trade up. It's the old saying, pay me now, pay me later. Two sides to the coin. Pay upfront and enjoy. Try to upgrade, miss a few seasons, pay more then double what you thought it would cost, work out the bugs, get frustrated, and end up selling when everything is worked out, because you are sick of looking at the boat....lol.....just saying

Your wife loves it, you love it- Make it yours. You know what you have and you know what it will cost. Any other boat will cost $$$$$ also to get it just like you want beyond the initial condition and there are always surprises.

Sell and buy something already done the way you like

OR

Upgrade yours on a serious budget spending 10k for everything not 40k. Enjoy for a few more years then buy new boat because life might change by then anyways.

Leave drives alone, mild freshen engines if needed, leave them alone if not, etc etc. I guarantee no matter what you do you won't be happy with the performance of your current boat for long and will WANT MORE! So save yourself some money and enjoy what you have now, on a frugal budget, and keep shipping for your next perfect dream boat.

$40-50k will buy a lot of boat right now. Get something newer. I guarantee the wife will be happier and so will you.

If you are trying to make yourself feel better about your boat, do the interior and paint work first. That will make the boat pop, get you lots of compliments at the dock, and your eyes will see something "new" every time you look at it. Roller cams and refreshing the motors in my 311 got me 3 mph, hardly worth the expense if your motors run well - those old 420's are a pretty rock solid package, and they've got a nice idle to them also. Take the rubber flappers off the silent thunder platform and cut down the damns inside and the boat will have a nice growl - for free no less. I loved the way the transmissions shifted and the drives are pretty tough, leave them alone and save your money. You will still lose money in the end, but if you like your boat overall this plan will make you like it more without losing too much.

So what can you buy for 40 K that will make you happy? Remember you dont want to buy something newer and then have to dump 40 into it. If your hull is solid and you have no issues.

update it. if it is your labor then it is your boat as long as the hull is solid even then consider repairing it. how upset would you be to spend money on another boat that blows up after you get rid of the boat you love.
even some newer boats can have wet transoms. etc.

Do you own your boat out right now? If so, sell it and then you'll have 55-60K to spend on a newer boat. Speaking from experience, DO NOT spend 40K to upgrade your boat. I would venture to say that most whom say go with the upgrade, have never done it. Also, keep in mind that 40K will be a drop in the bucket by the time you finish, it will be more like 60K if done right.

I have spent well over 40K on my rebuild. go look in the cig form "bullet rebuild". lots of people have said, you could have had a top gun for what your spending or any other newer bigger boat. true but I have no note, know the hull condition, new motors drives, trans, gembles, all new dash wires rigging. no bare metal any were all powder coated or anodized etc. now take that money spent on all the new stuff and glass work and go buy a newer bigger boat. then drop 30k on motror 6k on drives, new transom because someone didn't fix a leak or bad seal. the list goes on and on. unless you can get a fairly new boat then I see no point in taking someone else cover up and crap cheap fixes. found a lot of that on my boat and now its better then ne.w could not afford a boat as nice as the rebuilt boat will be.

Agreed, you know what you have and in the end you`ll end up with exactly what YOU want.
I spent and continue to spend a stupid amount on my boat that I know I`ll never get back but I know every bolt nook and cranny and it`s exactly how I want it.

sell and upgrade, I spend enough time chasing subcontractors all day. Nothing worse then having to fight to get what you pay for in the first place. When its time to do a major restoration have 2 boats !! I have done minor and major projects my 2 cents.

i have done it / am doing it, it has taken 4 years to get to the point that i could use it. And do not regret it at all. Mine was a complete rerig, removed old engines, trs drives and transmissions and converted to bravos with extension boxes. Went from a 55mph boat to an 87mph boat thus far. Have not touched interior and paint yet other than gaugs but that will be sooner than later.
However i did not buy everything new. If idid i would be well over $40k thanks oso swap shop!
Benperfected is another one he has got ungodly amount of money his boat search the web under scarab panther
unbelievable what he did with his. Light blue with red panther.

I'm looking at a boat now. The seller is a few thousand over market value on his ask. My biggest argument is dropping in a 383 over the stock 350, is an upgrade but it didn't add value. That's the problem you can add all kinds of upgrades, but it won't add value to a boat. The one I'm looking at is 27 years old, so its really hard to justify paying a premium for. And that's how most buyers see it. Id sell and get a newer boat.

I would agree with those that said to update, but put yourself on a budget. Fix what gets you on the water and running, then work on cosmetics. You don't have to do it all in one winter. That way, as someone mentioned, if life changes and you decide to upgrade a year or two later, you have less in it than if you did it all at once. My strategy would be to slowly upgrade what I had for cash, and always keep an eye open for the next boat. If you stumble on a great deal for an upgrade, you didn't spend the whole 40k so you can jump on it. You can always finance the value of your 311 and when you sell it pay it off. Doesn't matter what you're in, as long as you get out on the water. You won't get the 40k back from the 311, but your 55k new boat will depreciate anyway more than likely if you go newer, so you're throwing the money away in either scenario :) Ah, boats...

lots of great points, and the argument for both is valid, one thought is a 60k boat has alotta depreciation left, the 311 has basically bottomed, out, only money left to lose is the amount your willing to put into it, I would think a refresh would cost lss then the money your talking, but I guess it depends on the extent of your plan, If the size works for you what are u gonna do? sell it to bye a newer 31ft? doesnt make much sense when it sounds like u have a solid boat

Get rid of the "old stuff" because at the end of the day,Its still old stuff. Move up, live your life, have fun!

Winters a comin, take a long hard look at whats available for sale at what price, both from a buying and selling perspective. That should give you a heads up on what direction to go . It's always hard to turn loose of a family fave, probably why I have 3 boats and 3 jet skis. :picard1:

Honestly I'd like to get into a 30ish ft cat, I've always wanted a cat and I'm sure the wife would understand if the right deal comes along. Never tried but I doubt you could wake board behind one. I'm starting to have intermittent ignition problems with port side and she ticks a little but still holds good oil pressure. I'm thinking carb rebuilds (leaking accelerator pumps) and new marine HEI's and run her another season. Maybe a great deal will pop up, if not pull the twins and give them a once over.

I would say roll it back a notch , the trs 72c combo isnt a bad set up , i dont see you wakeboarding behind a 87mph boat but your current set up could be a 900hp boat that could still board behind and be reliable. Today you can buy a spare trs and trans for the price of 1 bravo. If your intent on using it for a occasional tow rig put 4 blade bravo 2 props on it build it for torque make it look good k planes if not already equipped and have fun.

I think you answered your own question with your first sentence compared to your initial post. I would get your boat up to snuff to sell because your not keeping it if you have thoughts about another boat. Those thoughts usually turn into a purchase.

Move up, there's no guarantee that the upgrade will be a smooth process and sometimes old parts don't like new power. Agree with everyone about pumping money in a boat that doesn't have much value. Out with the old, in with the newer, plus with this economy you'll never see better values for purchasing.

As stated, I see good points for both sides.

If you update your boat, you know what you have. Peace of mind is worth some $$$, how much is subjective to the boat and owner. $40k might be excessive unless you plan on keeping the boat for a LONG time. Maybe a lower budget upgrade to make sure it is mechanically sound.

If you buy a newer boat, you are always rolling the dice. A survey helps, but it is no guarantee. You could buy a new boat, and have to dump some serious money into it within months. Plenty of threads on here where people did just that.

If you have another boat on your mind, it is time to sell. I had this same debate last year, keep my 311 or sell it and buy a Cafe. My 311 was more or less done, did everything I wanted it to, and was an all around great boat. When I was driving it for the last time taking it to the ramp, I remember thinking what am I doing here, this boat is great. A year later I can tell you I don't regret it a bit. Not only do I love my new boat, but the new owner of my 311 is an OSO member and is making that boat nicer than I was willing to.

No reason to upgrade to Konrads......Unless you are running more then 675HP. TRS are stout, and their are a lot of them lying around for short money. but I still say, sell the boat to someone starting out, and use the money towards a newer more efficient setup. Fall is a great time to buy, spring is a good time to sell. just my 2 cents

We all usually tend to spend money on things that we enjoy and have fun with,---not always because they're the best investment.

A friend of mine has a boat that he has had for 11+ years with about 750 hours on it. Plus, he has it all paid off with the bank now. He wasn't sure if he wanted to upgrade it or just sell and buy something newer, but he really enjoys the boat he has had for all these years. He found the right people in 3 different shops.....for repainting it with a new graphic design, another shop for re-rigging new gauges, and electronics, and other upgrades, and another shop for rebuilding/upgrading the engines. He is having things done the way he wants and likes it, and it will be fun for him to see and feel the difference with the same boat and all the previous "seat time" he has had in it.

I did exactly what you are thinking about doing.... Smart, Dumb or just plain crazy.
I am having to adjust to a few things, but I'm working through them this season.
I have a 89' Fountain 10 meter, had it for 16 years, had the same set up as you... 420's in front of the ever so popular BW trannies and TRS's.
10 years ago had one side go down ( engine ) replaced both engines with newer and better guts. All working great, just maintaining the little stuff !!
Last year blew out the main output bearing on the tranny, no damage to drive. Thought it over and decided on the Konrad Conversion.
Someone performed the conversion and couldn't be happier, gained some speed and I'm hoping reliability. ( not that I had problems with the TRS's, just a bearing )
Did a little paint and cosmetic work, installed a few pieces of vinyl to update the exterior.
Love the boat, know the boat and will keep it until I'm ready to move on.
I knew going in, the money was spent and ill never see again, but that is boating and the cost of having fun.
There are no guarantees in life, enjoy what you have and who your with.

IMO, boating is not an investment, it is a major expense. If you are into personally working on your boat and this is your fun, DIY. If you want mostly a turnkey boat with minor upgrades & repairs, buy an great looking low hours boat with a stock drive/engine package as new as you can afford. With about any 30'+ twin engine sport boat, it is easy to annually spend $10-22k. The best value?....get a golf membership instead of a boat :rolleyes:

:party-smiley-004:

Keep the old bird. If she is dry and solid, spend some money to keep her.

I'm a guy who "upgraded" for speed and efficiency, now I just miss my 357