Mike,
Correct you are. Bendy ply for the roof and interior grade hardwood plywood for the sides (which has cracked also). It all had a couple coats of epoxy resin (no cloth) and a couple of coats of varnish over that. The UV still got through the aging varnish and yellowed, then cracked the epoxy.
Opaque epoxy paint over epoxy and fiberglass would have made for a much longer lived roof and sides. Now it has that on the roof.
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An additional note to others building or re-working in wood or plywood: The toughest glue in the world is epoxy resin mixed with chopped fiberglass fibers (available from marine suppliers).

Second best is Gorilla glue. Weakest: Water-based white, yellow or brown glue, all brands.
What's the toughest plywood for trailer sides and flat roofs? By far, I prefer MDO (Medium Density Overlay) plywood.

The overlay is a dense Kraft paper, which is almost as tough as fiberglass cloth the way they glue it on under compression at the factory. It comes in 1-side or 2-side paper overlay. My favorite is 2-side 3/8" MDO shop grade. Lots of veneers, so it doesn't bend or warp! Voids are almost non-existent. (Fill with Bondo or epoxy.) I have a raw piece that I used as a walkway in the mud for a year and then leaned up against my storage shed for 3 years in the heat, rain and freezing. It hasn't cracked or delaminated yet. Look no farther.
And it's startlingly inexpensive at $15 per 4x8 sheet. Go figger.
I cut my pieces then lay them out flat on saw horses and epoxy fiberglass them, including the finish coat of resin which I sand lightly for painting. I later fiberglass tape and epoxy the seams once in place. I also glue and screw a 5-6 inch wide strip of plywood on the back side to fully mate the joining sheets. All plywood edges get resin also.
Final note: Epoxy sticks to cured Bondo and all other cured polyester resin. But Bondo and other polyester resin won't stick to cured epoxy. (The amines in the epoxy catalyst come to the surface and are waxy.) My favorite epoxy brand by far: Evercoat. One-to-one resin-to-hardener ratio for best mixing accuracy. $46 per 2-pint pack.
Aluminum sheet is cheaper and more durable! And an all-aluminum cargo trailer...well...that would just be too practical.
Prem
My goal...
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...is to live in a trailer.