When I bought our boat 20 years ago, one of the first things I had to do was replace the Heart Freedom 20 inverter/charger, which was installed in the engine compartment. I installed the replacement in the same spot. It gave us excellent service
up until just recently - over 30,000 miles of cruising - and we finally replaced it with a new Victron - which I installed also in the engine compartment.
It's not always easy to find a location for a 3,000-watt inverter/charger, even on a 48' boat. Those who glibly suggest to 'buy some extra wire' must not mind having an ugly piece of hardware
in their saloon
That being said, you will void the warranty on a Magnum inverter/charger if you install it in an engine compartment.
Fair winds and calm seas.