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For Phil's application I completely agree with replacement. On the other hand. I restored a trailer for a 1978 23' Penn Yan I purchased. Dual axle and heavy construction with 3/16" and 1/4" angle/channel iron. A new trailer I could see spending over $5,000 (not as heavily built). I reused the old rims (Ford bolt pattern) with the hubs completely rebuilt, tires, machined the old drums, new brakes, springs and bolts/pins, etc.... Axles left in place. I did all the labor and about $900 out of pocket. It still looks like an old trailer. I believe you need to look hard at replacement cost vs. repair cost as well as use. My out of pocket similar to Phil's estimate and not as comprehensive but, I feel safe and secure towing it. So those looking at this thread please weigh all the factors because in my application.....well worth the rebuild. I would not consider rebuilding Phil's trailer.
Garris