I have that same $200 Harbor Freight trailer; If I was going to use it alot I'd get the 12" wheels $250, but for occasional use (as often as most trucks have things in them) the $200 one works fine. Now if ALL you do with the vehicle is move lots of stuff; then I'd buy the truck. My Dad has a 4x8 utility trailer that he got about the time I was born it has had many repairs over the years, but it regularly (once a week) carries 500~800lbs with no issues. FYI if you do that buy some nice radial 12" tires works MUCH better than the cheeps they come with and will actually last.
edit: by my usage thus far I've been towing the trailer 5% of my miles. If you believe my
SGII ( I don't) I get about a 25% hit in FE when towing.