I'm looking at buying a boat with a Mercury 1150 115 hp motor. I started motor twice for 5 to 8 seconds each time before taking it to the lake. We set motor into water but no water was being 'pissed' out. I immediately shut off. Lady said she thought it had to run awhile. Restarted. I was in boat & the lady & a friend of mine both said water was being pissed out. After I took home and put ears on & ran water nothing was being p'd out.Do I have to run awhile to open thermostat? Does this motor have a thermostat? I ordered a impeller cuz I read on forum it should be replaced regularly anyhow.The motor serial # is 3026571. I haven't a clue as to what year it is. Mid 60's to early 70's some one guessed. I've been told motor is probably worth $800. to $1,000. Any ideas out there? This is my first boat,and I know very little ('very' little!!) about boats. <br />Any help and/or info would be more than appreciated! <br />The seller said the boat was last out two summers ago.And I live in south central Wisconsin. Motor fired right up all 4 times. She wants $700. for motor,'73 Glastron (which seems to be in great physical condition) and trailer(not the greatest but will do the job locally)<br />Many 'THANKS' to any one who replies!!!The lady at the marina wasn't too helpful.She said they'd have to look at it in the service department and they're busy for the next two weeks or so!! Thanks! Allday