Re: buying a mercruiser 3.0 what to look for???
ask about maintenance history and if possible, documentation for it being done. I just bought a 1990 sea ray with 3.0 and alpha 1.... It's in good shape and runs strong.. little use from previous owner and it shows. Having said that, owner was very straightforward and acknowledged that he changed engine and gear oil every fall, but beyond that, for the 5 years he owned it, the outdrive had never been off. That told me that U-joints had not been lube'd, and impeller had not been changed. Ditto what was said above, you definitely what to hear it run... if there's bearing whine or clacking/loud whirring from the U-joints you know where you'll be headed.
I could hear some gear noise, that I rightly assumed was the gimble bearing. So, I knew when buying the boat that I would pulling the drive and giving it a once over and catching up on maintenance before using it. If you're mechanically inclined, it's not bad to work on, but if you're not, then I/O's may not be your cup of tea. Shop costs for servicing a stern drive may surprise you. (and not in a good way) The drive needs to come off regularly (annually probably) to lube things properly, so either decide if you can live with doing that yourself, or call a shop to see what they charge for common things (e.g. gimble bearing replacement or U-joint lube).
So for me, it was new gimble bearing, new impeller (the old one was BAD), greased U-joints, aligned engine to drive... A couple hundred $$ for bearing/seals/water pump kit/gear lube/spark plugs... (that's parts cost only, I did it myself... I'd guess it would be a 4 digit bill to have it done here) I left the bellows alone (for now) as they seemed fine, but I plan to pull the drive again after August and re-inspect. I may do the bellows and replace the U-joints then.