In our part of the rust belt, Ponderosa steel trailers had a life span measured in minutes, not years. They earned a very negative reputation as a result, and were not valuable when resold.

As with age on any trailer, a close inspection of the undercarriage, flooring and framework will determine how well it was cared for and protected from the weather. Your geographic location will have a large bearing on how well the trailer has survived the years. Any trailer can be rebuilt, but spending more money with a restoration than it's worth, isn't cost affective when better trailers are available for a less combined cost.