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May have to sell my new Formula 312

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Old 02-21-2005, 07:58 PM
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Default What's this Formula worth???

This winter I bought a new to me 98 312 with all the goodies from the factory. Really looking forward to running it and have had my mechanic go through everything to make sure I wouldn't be left adrift this summer.

Apparently I mis-calculated the tax implications on some commercial real estate I bought last winter and my accountant has informed me of my "very expensive" error. I'm not sure that I can keep the dam# boat now. What would be a fair selling price? I see them listed from $69k into the $80's

98 Formula 312
502's w/ 390 hrs
Latham steering + K planes.
cockpit/ cabin in good condition
for some reason the bottom has a number of gel-coat dings.
exhaust has been pulled apart and inspected(everything in order)
drives off and inspected (new paint too)
2005 triple trailer w/ all SS hardware etc.

Anyone suggest a sale price, I want to get a few opinions??
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Last edited by t500hps; 02-21-2005 at 10:15 PM.
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Old 02-22-2005, 09:40 AM
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Default Re: May have to sell my new Formula 312

If I were you, i'd probably ask anywhere from $65k to $75k. Maybe towards the lower side depending on what those dings look like. I hope you don't have to sell it at all though. That would be a shame to buy such a beautiful boat without having the opportunity to get some use out of it.
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Old 02-22-2005, 01:46 PM
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Default Re: May have to sell my new Formula 312

Thanks for the positive attitude and we'll see. Although i can "afford" to keep it, I am now well past my personal financial comfort level. I estimated the same asking prices, but what would be a fair selling price? At 64-65K I think it would be gone, but would I get that for it?????? If it's only going to sell for 55K then I may have to struggle through it and keep it. Just need to test the waters and figure out which way to go.
this sux!
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Old 02-22-2005, 02:01 PM
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Default Re: May have to sell my new Formula 312

I don't know about your particular area, but over here in Cleveland, it's a buyers market. I would say my initial gut feeling is that you will have difficulty getting 65K, and probably struggle getting 60K. Either way, I can almost guarantee you it won't happen overnight. It's probably going to take a few months. But I wish you the best of luck. I don't want to sound negative, I just think the reality is that it's currently a buyers market.
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Old 02-22-2005, 03:23 PM
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Default Re: May have to sell my new Formula 312

Hey Gordo! werent you looking for a boat?
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Old 02-22-2005, 04:55 PM
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Default Re: May have to sell my new Formula 312

Quote:
Originally Posted by ScarabScoundroul
I don't know about your particular area, but over here in Cleveland, it's a buyers market. I would say my initial gut feeling is that you will have difficulty getting 65K, and probably struggle getting 60K. Either way, I can almost guarantee you it won't happen overnight. It's probably going to take a few months. But I wish you the best of luck. I don't want to sound negative, I just think the reality is that it's currently a buyers market.
I don't take that as negative.....I want to hear what people think it's worth, not just tell me what I want to hear. Thanks for the reply.....anyone else?
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Old 02-22-2005, 05:03 PM
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Default Re: May have to sell my new Formula 312

whoa!!!!! 500, why don't you just take out a standard marine loan on the boat if you want equity out? It sounds like you paid cash. I can do it in 1 hr if you want. You can get avg NADA book out of it in less than 5 days. If you go with a simple interest, no pre-pay penalty loan, you can pay it off anytime you want.

my .02. Call me if I can help.
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Old 02-22-2005, 05:31 PM
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Default Re: May have to sell my new Formula 312

Nobody wants that POS, keep the damn boat for the summer!!! Have fun, I know have a Truck Wash fund raiser!!!!

James

Just Kidding!!!!!!
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Old 02-22-2005, 05:55 PM
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Default Re: May have to sell my new Formula 312

I agree. Alot of people are asking big money for boats and sitting on them..

I'm sure a big part of it is they depreciate so fast the owe more then they are worth. Also the internet has hurt as paople take Nada and such and thats the price ,,, period.

That said,,, 55-60k.
There are also people who appreciate and pay more for the super clean boat,,, just harder to find.
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Old 02-22-2005, 06:05 PM
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Default Re: May have to sell my new Formula 312

Quote:
Originally Posted by excursion
Nobody wants that POS, keep the damn boat for the summer!!! Have fun, I know have a Truck Wash fund raiser!!!!

James

Just Kidding!!!!!!
Hey, Can we make it like the Girl Scouts where all the girls pitch in on the truck wash!!!!
I'm willing to bet I can sell that one!!!!
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