1st check the oil. I had a lawnmower that did the same thing. (I know it's a bad comparison...but) I just added oil and she ran like new. You may have to change your oil though. Older engines were built to last as long as you simply keep it up. If this doesn't work, new Mercs are Just as good...
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 My Father circa 1985 holding a grouper and red snapper behind his 27' Scotticraft, Seaducer, with twin mercruisers - a member of the Bucket-Bow Boats.
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