Re: new boat owner
There are others with far more experience than I have to guide you. I can only tell you my recent experience.
Faded paint - not to worry. It's probably oxidation and can be buffed out.
Owner's manual - there are lots of manuals available if you know the engine/outdrive manufacturer. Always nice to have the original.
Make sure you at least hear the engine run on muffs and see how the shifting mechanisms operate. They should be relatively free. Check the engine temp, charging system, and oil pressure. It'd be nice to actually go out on the water and watch it work.
If it comes with a trailer make sure the brake system is working. Mine isn't and it will be expensive to repair.
Bellows - these are rubber boots that keep the water from leaking in. They're part of the outdrive system. Make sure they're not ripped. It's a PITA to replace.
There's so much more and I'm sure some of the more experienced people will chime in shortly.
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