Let’s Make a Deal: How to Negotiate the Price of a Horse
Are you looking to buy a horse soon? If so, you want to make sure you get a fair price. Read on to learn how to negotiate the price of a horse.
Keyword(s): Price of a Horse
If you’re in the process of purchasing a horse you’ve probably noticed that it’s quite the investment. Horse breeders are obviously not giving them away for free and in some cases, finding one that’s within your budget can be hard.
That’s when you have to try and negotiate the price down a little (within reason of course). While some breeders won’t budge from their asking price, there are situations where you might be able to cut a nice deal. There are also some that will simply be kind enough to work with your budget.
Keep reading to find out how you can negotiate the price of a horse and bring it home to your family.
1. Do Research
If you’re new to negotiating prices or just new to buying horses in a certain area, you may want to do a little bit of market research before you begin so you know what a reasonable offer would be.
Look and see what horses are going for in an area in correlation to breeds, health, age, etc. Doing this will also help you not get taken advantage of during the negotiation process.
2. Look at the Demand
While you’re researching, you should also check the demand for horses in a specific area. If you notice that it’s been a slow year for horses, the breeder might be a little more willing to cut you a deal just so they can get rid of it.
If you notice that the opposite is true and horses have been selling like candy during the year, the breeder may be a little more hesitant to accept a lower price for the horse.
3. Get a Pre-Purchase Exam
Just because a seller is pretty firm on their offer, that doesn’t mean you can’t get a little bit of money shaved off the asking price. The horse could have a medical condition that the owner wasn’t aware of that may pop up in a pre-purchase exam.
Have one done and if something shows up that isn’t bad enough to make you want to back out of buying the horse, try to open up negotiations again using the results as back up for your case.
4. Always Be Prepared to Counter
Always be prepared to offer a counter price once you’ve made your first offer. There is a small chance that the buyer will accept the first price you give them but more often than not, they won’t.
In fact, most of the time the breeder will ask for an even higher price or stick to their guns. If you have a few counters ready, it’s more likely that you’ll be able to come to some sort of agreement.
5. Be Reasonable
If a horse is out of your budget, then it’s out of your budget. If you try and offer a price that’s too low, you’ll end up just offending the seller. Not only will they cut off negotiations, but they will also be less likely to allow you to open up negotiations on a different horse.
Giving a Reasonable Offer
If the horse has a history of great performances and their exam didn’t reveal any huge medical problems than an appropriate offer is going to be around 10% of the asking price. 20% is also reasonable but most sellers aren’t going to budge past that.
Giving an Unrealistic Offer
Unless something seriously bad comes up in the pre-purchasing exam you never want to ask for thousands of dollars off the asking price of the horse. Again, if the horse is out of your budget, it’s out of your budget.
Asking for an unreasonable discount for no reason is just going to waste your time and the seller’s time.
6. Be Friendly
You’re probably familiar with the phrase “you can catch more flies with honey than vinegar”. This is absolutely the case when you’re trying to negotiate the price of a horse. If you go in with a nasty attitude, the seller will be less likely to work with you.
Also, keep in mind that some sellers aren’t open to negotiations at all and that is their prerogative. No matter how rude you are, you won’t make a difference so just leave with a smile and continue your search. You never know, if they do become open to the idea of making deals later because they couldn’t sell, they may contact you first because you were friendly to them.
7. It’s Okay to Walk Away in the End
Again, the seller absolutely doesn’t have to accept your offer or even a lower offer in general. As much as you want the horse, you may have to accept the fact that you need to walk away in the end.
Even if you really fell in love with one horse if the seller won’t negotiate and you can’t afford it you’ll have to move on. There are more horses in the pasture after all.
Getting the Best Deal on the Price of a Horse
When it comes to getting the best deal on the price of a horse, you have to know how to negotiate a little. Keep in mind that a seller might be willing to give you a lower price, or they may not. Give them a realistic offer and always remember to walk away peacefully if you can’t reach an agreement.
Have you looked around for a while and just can’t find the horse of your dreams? Check out our horse cards to see if we can help you end your long search.