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Actual footage of me and my brother trying to figure this boat out. Courtesy of Bill Murray and Steve Martin
Huge thank you to all of you that have responded. I can’t tell you how helpful you’ve been. |
Man I would be really carefull about the money you spend on that boat. It does not appear to be in very good condition. As a general rule, a boat in average condition will require 50%+ of purchase price to get it in good condition; a boat in below average condition will require 100%+ of purchase price to get it in good condition. Do not think that any significant repairs will substantially increase the value of the boat because they won’t; buyers expect it. You will be lucky to get back 20% of money spent on significant improvements.
I would spend the winter educating yourself and going over the boat looking real hard for significant repairs that are typical on a boat like that (transom, transom assemblies/gimbal bearings, drives, motors, stringers, fuel tanks, wiring, etc). If the above cost doesn’t sound like fun to you then consider selling it in the spring for whatever you can get for it. 50% of your money back is better than losing 100% and don’t forget to consider time that may be lost on the water. |
That boat has spent a lot of time sitting in the water.
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Originally Posted by TexomaPowerboater
(Post 4707133)
Man I would be really carefull about the money you spend on that boat. It does not appear to be in very good condition. As a general rule, a boat in average condition will require 50%+ of purchase price to get it in good condition; a boat in below average condition will require 100%+ of purchase price to get it in good condition. Do not think that any significant repairs will substantially increase the value of the boat because they won’t; buyers expect it. You will be lucky to get back 20% of money spent on significant improvements.
I would spend the winter educating yourself and going over the boat looking real hard for significant repairs that are typical on a boat like that (transom, transom assemblies/gimbal bearings, drives, motors, stringers, fuel tanks, wiring, etc). If the above cost doesn’t sound like fun to you then consider selling it in the spring for whatever you can get for it. 50% of your money back is better than losing 100% and don’t forget to consider time that may be lost on the water. |
Originally Posted by Andyba20
(Post 4707140)
I’m definitely going to spend some time getting educated on it. I don’t expect to ever make money or even get 50% back, but I paid cash for it and wouldn’t lose a minute of sleep if it sank to the bottom of the lake tomorrow. That said, I’m going to try to make the most of it. It’s 31 years old, I’m sure it’s spent some considerable time in the water. |
Originally Posted by F-2 Speedy
(Post 4707147)
many of us have felt this way.......:D
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357 SR1...Wave crusher. Built like tanks.
Heavy! Steering... the boat is way too heavy for the wimpy steering that it came with from Formula/Mercruiser. The really need a decent hydraulic steering set up to run properly. Even going with used parts it's a big investment, but totally worth it. You'll need to address gimbal issues if there are any. Side to side testing is done with the engine running (starboard) so that pressure is applied to the steering cylinder (useless otherwise). Then check for up/down movement of the drives to check the steering pivots. More than likely the tiller arms are bad (common with the TRS). You do not need to replace these if going with hydraulic. I would be concerned about the bulkhead behind the tank. The 357 is so forward heavy that water intrusion and rot can actually crack the hull right behind the windshield if it's really bad (at the engine stringers and fuel bulkhead). This and any rot forward needs to be corrected. There were some other things to point out in your pics but the Mrs is sitting here waiting for me to take her to dinner. PM me and I'll be happy to give you some pointers. I love these old Formulas! -Tom |
Originally Posted by TomZ
(Post 4707179)
357 SR1...Wave crusher. Built like tanks.
Heavy! Steering... the boat is way too heavy for the wimpy steering that it came with from Formula/Mercruiser. The really need a decent hydraulic steering set up to run properly. Even going with used parts it's a big investment, but totally worth it. You'll need to address gimbal issues if there are any. Side to side testing is done with the engine running (starboard) so that pressure is applied to the steering cylinder (useless otherwise). Then check for up/down movement of the drives to check the steering pivots. More than likely the tiller arms are bad (common with the TRS). You do not need to replace these if going with hydraulic. I would be concerned about the bulkhead behind the tank. The 357 is so forward heavy that water intrusion and rot can actually crack the hull right behind the windshield if it's really bad (at the engine stringers and fuel bulkhead). This and any rot forward needs to be corrected. There were some other things to point out in your pics but the Mrs is sitting here waiting for me to take her to dinner. PM me and I'll be happy to give you some pointers. I love these old Formulas! -Tom |
Resale is a myth that no boat owner really believes in. Fix what you need to as you go along and make a dream list that you peck away every year. I’m sure that is how JCCRAZY came to have such a nice boat. Good luck and have fun. |
Originally Posted by ph1971
(Post 4707186)
Resale is a myth that no boat owner really believes in. Fix what you need to as you go along and make a dream list that you peck away every year. I’m sure that is how JCCRAZY came to have such a nice boat. Good luck and have fun. If we went by the whole resale thing, more than half the resin buckets in existence would be in landfills. |
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