It's in pretty rough shape. The question i usually ask myself is what if something failed and it tracked over the centerline into a minivan full of kids on their way to little league practice ? Is it really worth it ? What about a jogger or a kid on a bicycle ? When steel meets flesh it always ends in tears ....
The things i would go over:
1: The tongue is structurally compromised. That should be replaced.
2: Has it got safety chains ? I usually go with 3/8" chain.
3: Check the condition of the springs and the mounts on the axle & the frame. Sometimes the springs develop stress cracks & snap under a load. The bushings tend to rot out over time and need to be replaced every so often.
4: Check the receiver hitch. Nowadays the standard seems to be either 1 7/8" or 2". Make sure it's working right. They get rusty and bent up. Sometimes they don't engage the ball like they should. They're either too tight or too loose. There's an adjustment nut underneath.
5: You might want to throw on a trailer jack if it doesn't have one that's working right.
6: Double check the tires. Looks like they could be weathered / dry rotted. Is there a slice in the sidewall of the tire facing the camera ? Definitely don't run with that if the sidewall is hurt. Could blow anytime. Check the rating of the tires to see what kind of weight they're intended for. See what kind of condition the rims are in. Any rust through spots ?
7: I would pull the hubs and check the bearings. If there's any scoring on the bearings and races they should be replaced. ( It's common for trailer bearings to fail and the tire to come flying off. )
8: It needs trailer lights ?
9: It needs fenders over the tires so that all the stuff on the road doesn't get thrown up into the windshield of the person behind you.
10: Flip it over and check the welds and the frame for stress cracks. Look for any spots on the frame that have rusted through and reinforce the tender spots. The bottom lip of the channel is usually the first thing to go.
11: Think about side boards and some way of securely lashing the load down.
Lol ... okay .... Maybe i should get an old goat avatar ?
Later edited to add:
What you've got is what you've got right ? Do the best you can ? From the two identification tags on the frame it looks like it was a manufactured trailer. Might have been the frame for a U-Haul or camper trailer.
Just an opinion, but it's really more time than money to fix it up. I remade a boat trailer into a heavy hauler years back just using
scrap metal off the dump. It's built like a tank and tows like a school bus load of nuns but it's still hangin' in there.
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