I'd need a bit more info, but if it's seems to be slipping when you take off or under a load it's most likely cavitation. Small nicks in the impeller or partially blocked gate, along with a few other things can cause it. Basically lack of water of a nick will open up an air pocket in the water, I know it doesn't sound possible, but it happens. When it slips look behind the jet if the water looks foamy that probably it.
I had the same problem on my 99 and took it in. They sharpened the impeller, cleaned the gate, tuned the motor and serviced the pump for about $130. Now I can tow a 70" tube no problem.
It's probably a good idea to have it checked out anyway if you just bought it.
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