Get a bright flashlight and look around in the engine compartment for leaks, motor oil, power steering, and trim system. As I said above if the steering actuator leaks it is an expensive job both due to parts cost and labor. The actuator is behind the engine, the part that leaks is on the starboard side behind the starbord side exhaust elbow. Here's a pic of the older style actuator on my 1988 that I just replaced I had to remove the rear seats, both exhaust manifolds to get at it. There are 4 cotter pins that have to be removed and all four will give you hell on this job....
Depending on where the leak is, the Volvo style ones can be rebuilt for approx half the cost of new. You should turn the helm to expose the cable and grease the cable end one time per season, that helps keep the cable from sticking.
Other things to check while poking around in the bilge, are the oil pan (rust/leaks) and dipstick tube that attaches to the oil drain area of the pan, the pans often start to rust out there. Check all the trim lines for leaks.
If you need a starter, they can be difficult to replace as well, I've done mine 3 times over the years, and like the ARCO PMGR starter that I installed back in the spring of 2020, they crank over faster and draw less current than the old heavy Delco direct drive style.
The boats are good, they are seaworthy and have a good running hull in rough water. The engines are simple GM marine engines but the EFI systems can be troublesome especially at that age. Drives are good, again age, use and maintenance are important.
Trailers, well they are a pain when they get old, it is what it is.
A new boat like this is well over 50 grand look at it that way.
