I am looking at a 1992 Ranger 375v with a Johnson Fast Strike 150hp. Is there anyone who can give me some input about this outboard?

I'm sure Way2slow can answer this more accurately but I think that year Fast Strike had cylinder #3(might be wrong on the cylinder #) issues and blowing powerheads. If it's been rebuilt and maintained, it's a rock solid motor. I had one a loooooooooonnnggg time ago I bought that was rebuilt. 

Wonderful motors. My boat mechanic still says those were the best motors ever built. My dad still has a 95 stratos with a 150 fast strike on it that has been a great motor. I'd definitely check the compression and all that but I'd honestly be more worried about the hull on a boat that old than I would be the motor. Good luck 

Way2Slow is the site expert on this engine.

1992 Ranger 375V is a all fiberglass, no wood in the transom or stringers to dry rot and safe dry ride but not a fast hull. Seat covers are still availble, windshields may be an issue.

Rod storage is short less then 7', some have dual fuel tanks and more then 2 battery storage in a pain in the arsh. 

If the rig was garaged and cared for it's should be a good deal if the price is right and engine checks out.

Tom

Those might as well be race car engines! They go fast and drink gas. Every one I’ve ever ridden in never missed a beat 

The 92 was the one that got them in trouble with Mercury. When first came out, they were lying big time about the HP, closer to being 200 than 150, and finally had to change them.

As was mentioned though, there is a very good chance it may not still be the 92 power head.  They had a very serious problem with the block.  The early ones had a bad area in the casting where the voltage regulator bolted on that cracked and leaked water into the cylinder, causing it to melt the dome from going lean.  When it blew, if the right person that knew what he was doing welded the crack, they seem to hold up pretty good.  Once that issue was resolved with them, they were considered almost bullet proof.  A guy I know that did a lot of remained engines unit he retired said about 75% of the early eagle blocks (that's the family name for the fast strike block) were cracked but was extremely rare to have one come back after welding it.

You would definitely want to see if the power head has ever blown, and verify the SN on it matches the SN on the plate on the engine.  There is a round disc about the size of a quarter in top of the block that looks like a freeze plug and has the SN on it.  Sometimes they are the silver aluminum but may have been painted the color the block.

Then you also have figure, if it is original and has not cracked by now, very good chance it never will.