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So I bought a 1989 Yamaha Waverunner 500 last summer it started and ran just fine but I think there may be some problems with it that I would like to fix before summer time.

First of all, it is insanely loud, to the point where it's embarrassing to ride the thing. I was wondering what could cause such a noise, or if it's normal in these older models

Second, it seems like it's not going as fast as it should. When I took my girlfriend out on it, it was going really slow, not much fun at all. However, I know the power is there because halfway through the ride, I could feel the engine giving out little bursts of speed, and then all of the sudden it took off. But when I took it out again with my friend a week later, it was back to going really slow.

Lastly, it began having some trouble starting. The engine would crank but it just wouldn't catch. The person I bought it from told me this happened to him and he sprayed some lubricant through the air filter and it fixed it. I tried this and then it fired right up, but I'm looking for a longer term solution.

I'm new to engines and bought this as a sort of project, but if you guys could help me get started it would be greatly appreciated
 

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You need to rebuild your carbs(clean them out) that is the hesitation problem. You might have an exhaust leak(noise) Did you do a compression check? What carbs are on it, post a picture andI can tell you if you need a primer plunger. It primes the carb so you can start it without starting fluid. Get back to me on this.
 

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I would start by checking the compression and cleaning/rebuilding the carb. These use a Mikuni BN-38 and are easy to find parts for. If the problem continues try bypassing the fuel selector valve, I had trouble with mine getting gummed up restricting fuel flow.
 
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