Hello,
I just purchased my new to me 2002 Formula 271 w/ 496 HO. She's pending on a compression test tomorrow, only has 301 hours and looks beautiful. Captain at the marina took me for a trial run and man does she run smooth! I've read a lot of good things about Formula and all have been good. I'm looking forward to getting her on the water this weekend. I'm looking for some feedback on what to expect, any tips you guys might have, etc.
Thank you

Formula's are good boats. Congratulations! As long as you had it diligently inspected by a respectable surveyor and or mechanic, glass guy etc. and your compression check turns out, my feedback is enjoy the hell out of it.

Great boats.
Out of curiosity, how does boating hours translate to vehicle mileage ?
That is, at what point does a marine engine require a re-build ?

I'd say that properly maintained black motors can go 1000 hrs. without any major work.

From my personal experience with a high hour 496, my last boat had a 700+ hour 496HO...never even had a valve cover off, and I still ran the piss out of it in poker runs, etc. Solid engines if you leave them stock and maintain them. She's still a baby with 300 hours on it.

Don't buy the boat without having it hooked up to a scanner, and looking at the hours readout as well as throttle ranges.

250 hours idling out of 301 total hours is WAY different than...
250 hours at 4700+ rpm out of 301 total hours.

Because of this, there is no direct correlation between hours and mileage that we look at on our street vehicles.

A blue motor typically needs attention between 200-300 hours. (Usually just the top end; bottom can go much longer.)
A black motor typically needs attention between 800-1000 hours.
But there are no golden rules.

Also, buying a used boat that has SmartCraft? Do yourself a favor and buy yourself a www.rinda.com scanner unless your best friend is your boat mechanic and lives next door. I guarantee it will be the best tool you own one day. $500 is a lot to swallow, but it sure beats waiting in line for a month in the peak of boating season, plus adding the logistics of getting in to see your mechanic, only to find out a $100 sensor cost you a month of boating season.

Yeah, 250 hours idling sucks. Just not as bad as 250 hours at WOT.