The OP has a 1989 Sea Ray 5.7 Alpha One Gen One boat / engine.
Those raw water (salt water) exhaust parts last 3-5 years and should receive annual disassembly / inspection. The dry joint is a totally different exhaust.
My raw water (salt water) exhaust parts have always been replaced w/ OEM Mercruiser parts, also getting 3-4 years.
At the last replacement I redesigned the exhaust, from impossible to flush / impossible to drain, to now permitting flushing w/ fresh water, then soapy water, then Salt Away, then draining bone dry, ready for the next usage.
My last inspection reveals the interior to still looking brand new after three years of usage.