Trailer, as purchased. Boat was stored indoors on a rack; trailer was left outside to fend for itself. I should post an "after" photo as it is much improved now! New bunks and carpet, new "half moons" on the fenders, new disc brakes, new actuator, new rollers, new winch and strap, new tires, new taillights and wiring, new spare. Or to put it another way: Same frame ;)