Most cost effective and reliable is going to be leaf springs. Very little to go wrong with leaf springs. Airbags and fancy trailing arms have some benefits, but a properly built leaf sprung trailer can ride very well. More importantly, the chances of a leaf spring failure are very low. Chance of an airbag or timbren suspension failure is quite a bit higher because they are just more susceptible to damage and wear. I know the fans of airbags etc are going to argue most of my points, but pure cost and reliability, there's no contest. I paid a whopping $15 for the suspension on my trailer.
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You won't win "cool factor" points with a leaf sprung trailer, but you'll make it to the next camp when someone else has an airbag failure (hope they carry spares), or have a trailing arm break or or brackets tear off the frame. (I've seen both happen) and the trailers were stranded where they were until repairs could be made. In the rare instance where you have a breakdown related to leaf springs, I've had one....I had a spring hanger separate from the frame, without much trouble you can continue travel. I threw a ratchet strap around the axle to keep it in the wheel well and drove another 200+ miles of trail until I got to a shop where I could reweld the spring hanger. No way I could have done that with an airbag or trailing arm failure unless I had spares.
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To be clear, I don't have anything against, airbags, trailing arms, or other suspension options. They're cool and they can work really well. I'll admit that ride and height adjustability of air bags is a neat feature and I can see it's usefulness in certain situations. For me, I just wanted something I didn't need to worry about in remote areas. For that reason, I'm a fan of leaf springs and use that on my trailer. Is it the best solution for every trailer, probably not, but for small offroad type trailers, it's a great option.
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I've shared this before but maybe it's useful here. This is a video of my trailer from a couple years ago, through some fairly rough terrain, and I don't have a problem pulling it pretty fast. Not rockcrawling by any means but definitely worse than a graded fire road. This is with cheap trailer leaf springs, no shocks, and about 15psi in the tires. (If you are using LT tires like many of us, too many people have too much air in them IMO. They are designed to be under a much heavier truck so they easily handle lower pressure under a much lighter trailer. This helps ride quality in a big way.)
https://youtu.be/N7F5GCh2dwg
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Here's my trailer as of today, built it 8 years ago. Still leaf sprung with lots and lots of miles.
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Just my opinion, and I'm no expert. But suspension travel on a trailer is often over emphasized and misunderstood by new builders/buyers. A trailer just doesn't need to have the same kind of travel that the tow rig has. And to get anything close to that would require springs so soft that the load capacity would not be good. I believe that suspension compliance (think, don't break the eggs in my food bin) should be the priority, not the amount of travel in the suspension. This can be achieved with very minimal travel.