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If either bellows lets go will the boat take on water and sink?
A failed or failing exhaust bellows will NOT cause sinking.
A failed or failing drive shaft bellows will allow water to enter past the gimbal bearing and into the engine bay.
A fellow boater told me a Mercruiser will and Volvo's will not.
Stop listening to this person!
How much am I looking at to have a boat yard replace them, roughly?
Ask for a quote, not an estimate!