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The EFIs will be more fuel friendly but if you have an electrical problem you will need a computer to fix it. You will always be able to get a standard ignition carbed engine running. The engines are the same as far as the mechanical aspect goes but the ignition uses a computer. If going new, you do not have a choice and in that age group you might not find many carbed versions.
Take it for what it's worth because I own electronic diesels. If something electrical goes wrong, you will sit there. Not so with a mechanical diesel.
I hate bringing this up again but based on your question I get the impression you aren't aware of some of the GM big block water ingestion issues (also called reversion). Based on my reading and conversations, it seems that the cam shaft that GM started using was inappropriate for saltwater applications in that it ingested saltwater mist into the cylinders through the exhaust. This results in corrosion and scoring of the cylinders. I think the ingestion was caused by GM's higher performance cam which leaves the exhaust valve open briefly during the cylinder downstroke which sucks in the mist from the exhaust.
Apparently GM started using these cams at the same time they went to fuel injection, so 7.4l and 8.1l fuel injection motors will likely have this problematic cam. But carbureted 7.4l should be fine and seem to work reliably.
Some motor marinizer's have claimed they've solved the problem with an improved exhaust design, e.g. Crusader. I'm not sure how or if Volvo solved this problem.
Keep in mind, on land the newer cam on the 7.4l and 8.1l motors seem to work fine, as my brother has a K2500 w/ a 7.4l and I have the K2500 w/ the 8.1l and they both run like champs.
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