Making a spare wheel holder loop seemed to me the cheapest option. I was a little worried as it would require some vertical force on the hinge, which is not exactly how it's supposed to be used. I modified the strap and welded it to a 3/16 2x2 steel box and so far it's holding up amazingly. It fully supports the weight of all steel parts and a 33-inch spare. Lost on the track and still no problems. I'm pleasantly surprised!