Well since this is the "complete 242 thread" I better post as well.

I bought my 242LS last year with input from the cast of characters in this forum. Great boat. I bought it as a starter boat to see if my wife and I would like a go fast boat. The boat is running a 454 magnum and 22 pitch bravo 1 prop. I see 55mph trimmed out at 4800rpms. Before I was running a 23 pitch mirage I and had the same speed at 5300 rpms (too many!).

I'm thinking about either hotrodding the 454 in the boat now and waiting to go bigger or selling and buying something like a 1989 311 SR1 with twin 454s (or 502s!).

Right now the 242LS is stored in a "boatel." I really like the indoor storage and forklift service. If I go bigger that either means renting a lift or buying a truck to trailer the boat around. I'd like to stay under 50K for my next Formula. I'd rather not take a huge depreciation hit three years down the road. If I sell the 242LS I think I'd only loose about $4K which isn't too bad. On your big new boats, well you can take a much bigger depreciation hit! Decisions, decisions.

Back to the 242LS. Like I said, great boat. Problem is that when the bay starts kicking up waves I can't run more than 35mph before the passengers demand that I SLOW DOWN.

Here is gratuitous pic for this thread. Spring is almost here, tell hell with the groundhog!

Great looking Rig Chuck.

Very nice looking ride.

Chuck, nice looking boat! For a minute, I thought I was looking at my old 242! Mine was an 89 SS though. It's an easy boat to trailer.

I found an old artilce on the 242 in the 1989 MOTORBOAT magazine while I was cleaning up @ the house. Pretty good article... ENJOY!

Great article, thanks for posting. I always wondered what the 89 models sold for new. With taxes and options close to $60K. That's a lot of dough, especially in 1989 dollars. Back in 1989 I don't think there were any 5% boat loans either.

The boat in the article looks like my 242LS, but the the original owner must have kept the young lady in the pictures for himself, as my boat didn't come with that accessory!

Interesting that the boat hit 60mph @ 4900 with a 21 pitch mirage prop. Maybe that was before GPSs were around to tell the truth.

I have the original sales slip to my old 85 242 here somewhere. I think it sold for $48k, and it had twins. My 302 listed for $148k, which was a helluva lot of 1986 dollars. I guess that's why it never sold. It was never titled until 2001.

Thanks Kjo43,

Great Article, cant wait for spring now.

KJ, thanks for posting the info these are great boats, It just goes to show the quality that Formula put into all their boats. Now 15 or more years later these boats still get a very nice price.

After reading various threads in the 242 section I thought I would give you a few test numbers acquired over the last two years with my 86 twin 242LS. Bought the boat with reworked 355's making 350HP each. The drives were alphas which rotated in the same clockwise direction. This setup would scoot right up to 65 mph on the GPS. From here the tabs had to be lowered and drive angle adjusted to get the boat to 69 and some change. The boat was very light at top speed. The props were old 25 pitch mirages. Next season the tired alphas were replaced with counter rotating Bravos. These drives just launch the boat out of the hole. Top speed was 70mph on glass smooth water. The cable steering was just too sloppy to push the boat any further. Bigger tabs and hydraulic steering are going on this winter to stabilize the top end speeds. This boat is extremely stable for it's size. The boat is run on the Bay of Green Bay.

very cool

I am the owner of a 91 242 ss blue and teal. I have had the boat out a few times this year and with 4 adults and a full tank of fuel it went 47mph (gps) i love the boat and is my first one to own and couldn't have picked a better boat. i am in the process of turning it into a speeder. Going to be building a 496 stroker motor with almost 600 hp this winter. Not sure what to do for a prop so if anyone has any ideas that would be great. Thanks and when i get some pics of her i will post them!!

if anyone is looking for info on any 87 formula's i have the brochures that they posted in a e-mail that i can send to anyone as long as i have ur e-mail address.

I have an 88 242ss w/7.4 bravo did 52gps full fuel and 3 1/2 humans 23p mirageII 4300 rpm's

Hi new to boating and just bought a 90 242ls with an aluminum headed punched out 454 now a 496. Boat runs great and I've seen 75mph on the gps. It also has bravo x with an imco lower unit. My question is does anyone have a wiring diagram for this year and model they could email me. The previous owner started replacing the original gauges with white faced ones, he installed a gps speedo and tach and I now have finished the rest of them. My problem is it seems the gauges I installed only work half the time, I'm guessing a loose ground but I don't know where to look. Any help would be greatly appreciated.

WOW 75 !!! how much horse power?

I bought an '87 242 ss this spring with a 350 mag and alpha. It will do 54 on the speedo but I think in reality is only about 48. I just bought a 496 out of an '06 suburban that I'm in the process of converting it for marine use. I want to build it into the HP3 if I can find all the parts to do that. Either way after I finish the engine and replace the alpha with a bravo I'll be very happy if I see the high 60's. So far even though it not a speedster yet its been a fun boat.

I just picked up an '85 242LS w/twins and bolsters. Haven't been out yet (other than the test drive), but really looking forward to a great summer. The interior is beat. Any tips on redoing the upholstery and carpeting in the cabin? Does bottom paint really reduce top end by ~4 MPH as someone on this thread asserted? Thanks!

Congrates on your boat. My bottom was painted as well and the first thing I did was strip it off... I used 3 different brands of stripper. Kleen Strip for fiberglass worked pretty good... Interlux paint remover was a joke and expensive. The best was a product by back to nature. I just put a healthy coat on let it sit for maybe 30 minutes and the powerwashed it off with roto-tip nozzle. Then I wet sanded with 400-600 and buffed. I wasn't fun but it sure looks good now.

I also had my sun pad and bench redone. I used an automotive guy. His prices and quality was better than the marine guys. On my boat, Naugahyde brand matched the best, I believe thats who Formula used. Anyway good luck.

Sorry I've been out of town The engine is rated at 650h.p. built by fred white in tenn. I believe the previous owner told me it dynoed at 619h.p.

You can get the wiring diagram in the mercruiser shop manual.. Clymer etc.. Should be reasonably cheap on Ebay, or Amazon etc.. merc shop should have one also.. Great to hear your 242 went 75 GPS with 620Hp on Dyno..

New to the forum but very helpfull, this boat i am looking at has twin 350-260hp. Compared to single boat how is the ride different?with the extra wieght.
thanks

Fastpapa r u looking at the one in the DC area?

No i am looking at one in bc canada side

Had a '87 242-SR1 for a number of years. Great boat!! With the twin small blocks, it's azz heavy-so lands great when running in the rough. Built like a tank. That boat will probably take more than your body. The twins at that time are not counter-rotating, but still handles well around the dock and backing.

Thanks for info, speed wise low 60s in freshwater?

Boat will run mid 60's.: 65-67 range. Factory rating was 65 MPH. They'll run this fast with light load, and it needs chop. If it's too flat, it can't get enough air under it to loosen it up. It's a heavy boat, so need to get it to dance to get the top end.

Speed is not to bad then, so it sounds like the boat does handle the rough ok. Do you think i would be better to wait for a 29ft as the price on this 242 sr 1 twin is 20,000 cdn. I am in Bc.
Thanks again for the reply

depends on what you like

I have a SR1 and like it. Have not really pushed it that much due to working on it.