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If the thermostat is gone the engine will always run cool which will lower the engine life and performance. In a auto if you take out the thermostat you will actually over time overheat because the water in the radiator needs a chance to cool off while the thermostat is closed waiting for the water in the engine to get to hot. In a boat the water incoming is always cool so no thermostat will not overheat the engine but decrease the life and power.
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