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I tried a search for this topic since I figure it's been covered before, but I couldn't find any threads. Have you guys ever put a trailer hitch on a C5 so that you can tow a tire trailer? I've seen this before, but I wonder how much weight the hitch puts on the back of the car and if it's really a feasible thing to do.
I had a trailer hitch on my old '87 C4 and I think it was good for something like 500 lbs total weight and a 150lb tongue weight. I have seen C5 trailer hitches on eBay and even in the Autocross and Road racing section of the CF. Also check the C5 Parts For Sale section too. I towed a 4'x4' Harbor Freight trailer to haul autocross tires and a small toolbox. Worked pretty good and never had a problem. HF has trailers available again but make sure the tires are 12" diameter or larger. It's important to place the load on the trailer so that the tongue weight isn't too big. Keep in mind that a C5 will handle about 450lbs of cargo and that included driver and passenger. Loaded trailer weight is typically included with the vehicle cargo capacity.
Trailer light wiring is pretty easy as you can access the car wires by removing a left and right lamp housing. Use LED bulbs on the trailer and you won't have any problems with the turn signals not flashing correctly.
I've got a C5Z I track and I tow a Harbor Freight trailer for my Hoosiers, tools and spare parts. My hitch weights around 20 lbs. Quite feasible in my opinion and I know others with C6s and C7s doing the same thing.
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I have seen pics posted where a member had a trailer hitch on the car and was towing things like a wheel trailer for track days and even some personal water crafts behind the car. It can be done, but the owner's manual states
Your Corvette is neither designed nor intended to tow a trailer.
I have a hitch on my C5 and the folding trailer that you've linked. 4x8 is quite large as a tire trailer and probably overkill for what you may need. The folding trailers are quite cheaply made, flexy and noisy over bumps. If I were to do it again, I would use a 40" x 48" trailer (FH used to sell them and I've seen them in stores recently) with the tires mounted side by side upright. Much easier to move around the house and you can just store it in on its side / end if space is limited. One of the things to keep in mind while trailering with a small, flatbed trailer on the c5 is that you can't see the damn thing behind you. With the wide / relatively high rear end of the C5, it can make reversing the trailer difficult if there is nothing on it to provide a reference.
Be careful when designing / loading your trailer setup to make sure the tongue weight is accurate for your usage. I would upgrade the lights on the HF trailer to LED and use galvanized hardware where appropriate of the cheap stuff that comes with it.
Unless you have a need for the 4'x8' bed size, the 4'x4' should work fine. Here's a pic of my old HF trailer that I towed.
Because of the short wheelbase, it was a PITA to back up when it was hooked to the car, but the light weight (even loaded) allowed me to unhitch the trailer and push it around. And it was easy to hook up because of the wheel on the tongue jack!
I have a custom made trailer that began it's life as a Harbor Freight trailer. I added a rack to house the wheels & tires with a lock, as well as a tool box that houses the jack and other tools.
HERE is a good thread on the Harbor Freight Trailer conversion. I posted my use/conversion of the HF trailer on that thread as well.
I run a 315 square tire setup for track use so I needed/wanted at least 48" wide platform. The 48" long HF trailer is only 40" wide.
The Leroy Engineering trailer is very nice. The base model only holds up to 295 tires. The Leroy Engineering trailer that supports over 295 size tires start at $1750.
I enjoyed reconfiguring the HF 4'x8' folding trailer to a 4'x4' with tool trunk and it supports the 315 square setup tires perfect. I did it in my basement over the winter.