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At that age i would definately replace it, it will be like having a new trailer. The last one i bought was in '06 and ir was $170, I think they're around $200 now. In fact here's where i got mine and it looks to be the cheapest around;
California Trailer Works
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Razz - Thanks for that link. I'm going to place my order through them.
Also, mine has drum brakes instead of disc so it's a bit cheaper too.
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Got the new actuator on Monday and had it installed in 5 minutes..... Piece of cake as it just slides right in the tongue. Put some marine grease on the pins and slid them through and put the C clips on.
Hooked the brake line up and filled the reservoir with DOT3 brake fluid.
I then took the wheels off and popped the sight plug thing out of the drum and sprayed the inside down with plenty of brake cleaner.
Put the wheels back on and called it a night.
Well today I had a buddy come over to help me bleed the brakes out and we kept filling the master cylinder and pumping it with a screw driver and it was going down fast.
Kept doing this over and over and just about went through a while 32OZ bottle of brake fluid.
I figured something wasn't right and what do ya know tons of fluid started pouring out of the trailer frame towards the back.
Disconnected the brake line at the master cylinder and in the back by the drum and pulled it out and sure enough the brake line was rusted through in a few spots.
Now another fun project..... Need about 14ft of brake line.
Hopefully I can get it done tomorrow...