It depends a lot on how heavy the vehicle was that it towed. Extend the arms and see how much free play they have. If there is considerable play you will have to replace the arms or junk it. eTrailer sells replacement arms for some of the blue ox models.
If there is little to no free play in the arms when extended you should be good to tow.
If it looks like the plastics washers and bushings need replaced you can order the rebuild kit and do it yourself.
I have towed close to 200,000 miles with one ..,it was rebuilt twice.