1981 Formula 302 LS Value???

I looked at a nice 1981 Formula 302 LS this weekend from a private party. It was a well taken care of boat. All stock. Stored indoors, limited salt water use, 600 hours, twin all stock 454 330 horsepower engines, etc.

The front hatch leaked rotting the floor around the table, so it is a 2 x 8 foot piece of wood that needs to be cut out and replaced under the carpet. Needs new batteries. The interior is original so it is tearing in places and is pretty brittle, in inside interior maybe fine. It has not run in 6 years, but I turn the engines over with a handle and they were not frozen. No water in any oil, etc...Trailer needs a new jack, likely a brake master cylinder, and the tires look fine but were pretty old, so I figure they are done. All in all it a nice boat, but it is 31 years old and need some items handled to bring it up to useable shape.

We had a difficult time finding price to agree on. I an not trying to steal the boat I just want to know what is a fair market valve?

I'd say 4500-5k. -FWIW, a buddy bought an 87 311 in similar shape, no trailer for 6k not too long ago.

Watch the wet wood. Mine had a rear bulkhead that looked like it got wet. It was, and I found out it soaked into the stringers going forward. Then I found the front door had leaked and got that bulk head wet. So the water soaked into that bulk head and forward into the stringers towards the bow. Just finishing up the glass work from replacing two bulkheads and stringers. Not fun. If you have a spot that has rot, really really really look at it carefully. I would put money on that it has spread if rotted in one spot.

6 years no use, TRS drives, potential wood rot, fairly high hours for old motors, count on new brakes and tires, what is bunk wood like.... a nice project, but definately a project. I would think $4k to $7k, but would really look at some details first. (Wood, compression, drives, props, trailer)

Good luck.

'81 was one of the last years that Formula was using wood in the cockpit that wasn't glassed in. Surprisingly that's a good thing because you can easily replace it. That being said...you know what you are facing to bring her back to glory.

You will spend $20,000 after you buy it to get it where it should be....on top of what you pay for it. I know this because I budgeted my 255 Liberator this way...I asked my self...am I willing to spend $25K to restore a boat that I always loved to better than new condition?

Ask yourself that question...if the answer is yes ..then you will know the answer.....buy it.

The First generation 302 LS in my opinion is one of the best rough water boats of that era...I would love to have one myself. I saw a recent example here that was converted to Bravo and re-powered with 450 HP 502's. Boat runs 65 at ease and see's 75 regularly....1000 horsepower in a 302 would be a Bullet.

I have a 85'302 Kaama that I repowered with 502s it does 75 no problem. I have been in 6-8ft seas with it and it handled it like a dream. One of the best boats Formula has made. It will be a great project but it is going to cost some $$

Is that you Bill? -Kurt here on the Songo.

Kurt

Its John his son. I bought the boat from my father a couple of years ago after he fell ill. Just passed by your place this past weekend on the boat.

Hey John, I remember you as a little kid driving your Dad's twin 242 around! I was thinking about Bill recently, hope he's doing fine now. Glad to hear the 302 is still in the family, your Dad kept it immaculate. Do you keep it up on Long Lake?

-sorry for the hi-jack,

Kurt

It is still immaculate. I have done a bunch of work to keep it that way. looking for the right person to buy it so I can get something bigger maybe.

I am keeping it in NH on the fresh water. use it once a year for a cape and islands trip.

I miss that 242 twin great boat have not seen another like it.

Shoot me an email at [email protected] and i will give you a better update on my old man.