So i looked at a '02 292 yesterday, boat is extremely clean, 400 hours. I noticed one area of concern down on the bottom outside on both port and starboard sides of the boat, the paint or whatever they use over the bare fiberglass is cracked and coming off in a few spots. I didn't take a picture of this particular boat that i looked at but in the pic below this is the area that its peeling up. The boat in this pic where you can see its discolored is the area that peeling up on the boat i looked at. is this a common on these boats? is this a problem or something that i just scrape the loose paint off and repaint that area and call it good? There's no woods in these boats so i wouldn't think this is any sort of a structural issue.

Common issue - or at least my 292 has this. it's been peeling up, seem to just be paint chips. boat's 20 years old. If I get another 5-10 out of it, I'm fine w/that. I can't imagine it would be structural or any real issues... I just hit it w/soap and a high pressure hose. Water gets stuck in here and sits. the white parts then flake off.

I dropped new 350s in my 01 around 650 hours. The wet joint exhausts failed (previous owner did zero maintenance), and gernaded the engines.

overall I like my 292. I wish it came to me less beat - I've had to fix so much crap.

But it's a great boat, we cruise 42MPH 95% of the time. 35-3600 RPM.
Mine will hit 64 WOT w/the 350s.

I wish:
More Storage
Bimini top that actually fit (We got an anchor shade and like that)
No windlass. anchor locker up front is a joke
side storage 'areas' are a joke - don't let anyone put a phone in there!
Formula thinks they are being cute w/the double hinge rear seat - I think it's stupid.
I wish I had external hydro steering. I'm redoing my helm, cable, actuator this winter because it's 1/4 the price and the boat's 20 years old... not worth the cost / install to me.

I like:
Cruise all day at 40, 45, 50, easy. just depends how much fuel you want to drink
holds up well in chop
twins for docking
looks of it

Pretty sure all Fastechs have that issue, my 353 is as you describe. The drain is above the floor surface, so it retains some water/liquid.

Common and total non issue....

Cool thanks for the info everyone