I've got a 28 year old 888 pushing my 23' cruiser / flybridge boat. Except for a recent issue with an intermediate shaft bushing seal that caused a slave shift cable problem, I have basically had no problems with mine. Parts and accessories are cheap (my prop was $125 new from Propco; to replace the shift cable, bushing, seal, and water pump was $150).
Parts are still fairly common for these older Mercruisers, and reasonably priced.
I do not know about the Volvo 280/290 models. Do they use a clutch? Is the water pickup pump engine mounted or in the foot? I really don't know anybody who owns a Volvo, so I can't really speak about them.