Has anybody tried to reverse the spare tire to increase cargo area, store
small items in wheel.

 

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You can always try it . But I think the rim might scratch the paint.

 

The tire is fitted over the jack. The jack fits under a metal hoop that holds it in place. What you suggest isn't possible due to the arrangement. Could you gut it and store the stuff differently? You'd have to remove the black foam side in the tire well, then store the tire pushed off to one side and dump the jack and tools into a corner of the new space created...it wouldn't be elegant but it would open up a bit of space under the floor.