Formula Jr. Found

[tjags]

In my travels, I found a Formula Jr. for sale. I know it needs a lot of work, so I thought I'd consult the experts on the potential of this restoration. It looks like it was painted and the hull paint is cracking, the interior is shot, and there is exposed plywood in places. It does not look well cared for and the last time it was registered was 1994, but I'm dreaming of its potential. What kind of money is something like this worth as-is? -not running, and in need of a total resto.

FormulaJrStern.JPGFormulaJrCockpit.JPGFormulaJrStar.JPG

[f_inscreenname]

price, location??

[silverghost]

These are great little speedboats.
Very historic boats & the forerunner of the Donzi 16 ..
This must be the forth Formula Jr. that has popped-up on this site in the last nine months or so.

The early fiberglass boat collectors really love these boats.
A real future collectable.

Right now they don't seem to bring very much money $$$ in unrestored condition.

What engine is in this boat ?

Some had inline sixes.
Others had small block Ford V8 s.

Does the engine run ?

[Sweet Cheekz]

Big money and a lot of time to bring it back. Dont buy it for an investment. Buy it only if you have the time and money and you want something special when you are done.

Parnell

[Just Say N20]

Big money and a lot of time to bring it back. Dont buy it for an investment. Buy it only if you have the time and money and you want something special when you are done.

Ditto.

For the restoration, figure an honest $10,000 at least if you do a lot of the work. This assumes a new interior, stringer replacement, a good complete repaint, some engine and outdrive repair, and some hardware replacement.

If you are considering buying it to restore and sell, it is very unlikely you will make money on it, even if you got it for free. Like Parnell said, the only reason to buy something like this is if you really want one, and are willing/able to restore it.

[mattyboy]

very well said Parnell and Bill,

this boat seems to have had some updating over it lifetime the drive is a 280 which is newer than production span of the Jr. most likely it was an eaton badged volvo aq200 or a aq 200 updated to the new drive leg.It is a neat piece of history but it must be something that is worth it to you, if you want it to be worth something to someone else that is a slippery slope...

[f_inscreenname]

Have you guys seen what I have done with the last couple boats I bought? It can be fixed and not for 10 grand if you know what you are doing.

[Just Say N20]

screen, I'm just speaking from experience. My 16 ran and was usable when I bought it. I did a lot of the work myself, but I don't have the equipment or knowledge to do the paint or upholstery.

To get the boat to where I wanted it, I have over $20K in mine including the purchase price.

Parnell's boats make mine look like a bargin.

[MR MAGOO]

Small world, that little boat is only a few miles from my house. I know the guy selling it. If anyone needs better pics or whatever, shoot me an email.

Kurt

[biggiefl]

Hard to tell from the pics but if it runs and you don't want to make it a museum piece, depends on price and your skills. Looks like it is all there and a free spinning reel to boot. I think I could make it a pretty sweet ride for about $6k + purchase.

This is going to be one of those boats that in 10-15 years you are gonna be saying...I could have bought one of those for $2000 back in 2011....what was I thinking walking away?

[silverghost]

The thing that I suspect would make, or break, this Formula Jr. deal is the current engine's condition.

Does it run ?
Is it rusted out?
Is it worn out ?
Does it need a rebuild & rebore ?

The engine could be a big black hole to pour a lot of cash into.

If you have to totally replace that engine it would mean Big Bucks $$$. depending on how much mechanical engine work you can do yourself.

It sure will become a future collectable boat in the distant future in my opinion~~~for what that's worth ?

So far~~~
Early fiberglass boats have not acheived the price increase in collector value as have the old wooden mahogany runabouts.

Only time will tell if the prices of these great little early Formula Jr. boats will increase in collector value.

So far~~
They really have not done so.

[f_inscreenname]

MR MAGOO

Price and location please. To far away and I'm out anyway.

SG
I want it with a locked up motor. Makes it cheaper. All i would want is that 280 and the hull. After that it would get what the Monza Project II would get.

[MR MAGOO]

It's in Casco, Maine. The motor is an inline 6 Volvo with 2 carbs. The guy is asking 3500. This boat has been up here for years. Been shrink wrapped for probably 10 yrs or so. The previous owner had abandoned it at the marina it had been stored at.

[f_inscreenname]

[ QUOTE=$originalposter]{$pagetext}[/QUOTE]

My sister lives in So Portland, brother outside of Sanford, niece in Cape Elizabeth. We were at Bar Harbor for a week over the summer and was at my brother's just a few weeks ago..........damn .....I would go back to get it in a heartbeat but 3500 is way to much. I looked at a couple boats the last time I was up there and the money they wanted wasn't on the same planet as we are. I guess there is not a lot of non-work boats up there and the market is good for the cool ones. That Jr in the condition it's in would never get more then a grand around here. Damn. I would love to re-do it next.

[tjags]

I spoke with the owner on Tuesday and I think he said the price was $2500. Magoo is right, the boat is in Casco, ME and you can call Naples Marina to get the boat owners phone. His name is Scott, and doesn't work at the marina.

Cool boat. Didn't open the engine hatch so not sur if an 8 or 6 in there. Too much of a project for my amateur abilities.