Restoring an 85 Formula 3 - Is it worth it?

[FieroGTP]

I may be buying a 84 Thunderbird Formula 3 21.6' boat. I am just looking to you all to see if its worth the work! To me it seems like it, I want something for my family and the cuddy is PERFECT for kids to sleep in, hang out in, and so on!
The things needed to restore are;
New engine cover - mauled by live in critter
Cuddy upholstry - mauled by critter
Bench seat material - mauled by critter
Head put back on engine
Drive put back on - removed 4 storage

It seems very reasonable for 2,500$$

What do you all think??

 

[FunInDuhSun]

Re: Restoring an 85 Formula 3 - Is it worth it?

Well, if YOU think it's worth the trouble, then go for it. Is a trailer included?
Those Formulas were solid boats but a lot can happen in 25 years- especially if it hasn't been taken care of.
One problem with your scenario is that there's no way to confirm the condition of the engine and drive. BIG cost to replace.
IMO you should expect to throw at least another $1-2K into it- even if you plan to do most of the work yourself.
Seems to me that with some careful shopping you'd be able to find a RUNNING mid-80's 22 Formula for about the same green.
EDIT: I see a 9-year older 21 Formula 'that runs' on ebay right now at only 300 bucks- with a trailer!

 

[45Auto]

Re: Restoring an 85 Formula 3 - Is it worth it?

Head put back on engine

Big Red flag here. There was a reason the head was originally removed from the engine, and it most likely won't be cheap to fix.

Check upholstery prices, they're not cheap. Depends on how "nice" you want it to look. If you're happy with "home-made" upholstery, it'll be lots cheaper.

If you feel some attachment to the boat and want to dump some money in it, go for it.

My advice would be similar to FunInDuhSun. With a little shopping you could EASILY find a good running, 25 year old boat in nice shape for less than you're going to spend on the fixer upper, even if you don't put any value at all on your time.

 

[FieroGTP]

Re: Restoring an 85 Formula 3 - Is it worth it?

It does include the tandem trailer. Allot of the boats around here are expensive. I don't know why but allot of JUNK gots for 3 grand around lake erie.
Cars seem to be same way... My 99 turbo diesel Ram was 11k$ but up here in the rust belt the same rust free truck is 16k$ LOL

I was going to put 2k$ in my 19' 76 Mirrocraft V hull bow rider.... This seems like a better place to spend 2k$

 

[can-amsledder]

Re: Restoring an 85 Formula 3 - Is it worth it?

Who here has ever taken the outdrive off for storage? Another red flag!

 

[FieroGTP]

Re: Restoring an 85 Formula 3 - Is it worth it?

Following your advice I called the guy about the motor. He said if it doesn't run or has issues he will give me the 350 merc out of the Chapparel he is going to scrap. He says I can hear it run. He said basically he would gaurentee there was not block damage or such. He has 3 boats and told me the city is gonna ticket him if he doesn't get rid of some. He even offered me $$ off to haul stone with my truck so he could put the other one he is saving on an "improved surface".

 

[kellmike626]

Re: Restoring an 85 Formula 3 - Is it worth it?

Who here has ever taken the outdrive off for storage? Another red flag!

Plenty of people take their outdrive off for winter storage. Outdrives can be very easily stolen, just a few bolts to unscrew and it's off. However, it's to prevent freeze damage too.

Well if he's willing to offer another running motor if that one doesn't run, I don't see why not but be prepared to spend a lot on the interior. What's the condition of the floor? Any soft spots? what about the transom? Those are the costly things next to the upholestry.

 

[FieroGTP]

Re: Restoring an 85 Formula 3 - Is it worth it?

The floor and whole deck/cockpit are is glass. No wood (hooray). Its in great shape! The interior in the cuddy is just material, no vynal. Should be easy. The rear sundeck/motor covers and bench seat cover are only spots that need vynal. Ill do a home brew for now on it then consult a lady near me that, as I understand, is a vynal goddess.
Those are the same reasons he told me for taking off the outdrive... 4 bolts, the boat was at a vacant rental house in the not so best part of town.

I found 2 85's around here in VERY good shape tho... 1 was 10k$ the other was 14k$ but had a TON of extras including captains call and motor-repower to do 75 on gps.

 

[OneBone]

Re: Restoring an 85 Formula 3 - Is it worth it?

Good luck with the buy, if that's what you decide. I'd be very concerned about the critter damage. Many boats are scrapped after all the wiring in them is destroyed. Guess they love the insulation for nesting.

I'd make sure it was powered & test everything electrical & hydraulic you can & really check out the doghouse as the motor isn't startable.

 

[FieroGTP]

Re: Restoring an 85 Formula 3 - Is it worth it?

The critter was mommy racoon that was settling in to have her babies... The guy actually caught her in a cage and took her to the Lake Metroparks. What they did from there... Dunno? I know in Ohio racoons are NO release animals due to rabies. All caught ones are generally terminated but Metroparks is much nicer!