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I'm about to throw this boat in the water for the first time this season. Is this dripping water too much or should be ok? Thanks! There is a video link. (1977 bayliner quartermaster with aq130d)
Looks perfectly normal to me.
The lower bellows is the the exhaust bellows and it has a small drain hole in it that is to be positioning down.
This is so the water in the exhaust can drain out when you put the boat on the trailer.
