Sellers:
This part of the buy/sell series was perhaps the most difficult for me to write because quite simply there is no right or wrong answer. Ultimately a horse is only worth whatever someone is willing to pay for it, and it is your job to advertise the horse at a price that will attract the right buyers. Set it to high with room to negotiate and buyers will be put off and won’t call, too low and there will be an assumption something is wrong.
I try to be objective when setting a price (which I haven’t done for some time admittedly!) thinking to myself if I was doing the buying rather than the selling how much would I be willing to pay for a horse with the same ‘stats’ as my own or alternatively how much would I be willing to spend to replace my horse were it to become injured.
If you are finding it hard it is always worth searching the various classified sites and magazines and searching for similar horses (age, height, breeding, competition experience) to see what they are being advertised for. You will always find quite a spectrum of pricing with some very expensive and some cheap relatively speaking I would normally expect the top end to b the ultra talented with scope to go a lot further or with unrealistic owners and the lower end to either have a notable issue/vice or with owners desperate to sell. Unless your horse is seriously talented in which case you would most likely be receiving offers by word of mouth anyway you are best sticking in the price range on average used most often.
When setting your price it is always wise to include some wiggle room as most buyers will try and negotiate down the price. You don’t have to agree to some negotiation space but by stating no offers you may find it harder to sell. It is worth noting that not many horses will actually sell for their originally advertised price even if it is due to a bit being knocked off after a not 100% perfect vetting for example.
One thing I would always advise avoiding using is ‘POA’ it says one thing normally to buyers namely if you have to ask how much you can’t afford. You may be using it to prevent acquaintances finding out how much you are asking but realistically they will almost always find out anyway so unless you really are asking a stupidly large amount of money don’t use POA as I can guarantee several buyers who would be able to afford the horse won’t even bother calling.
If you are in the position that you need a quick sale lowering the price will often not actually help you because as said above buyers will presume that there is something wrong with the horse. It is better to advertise at a realistic price for it’s experience etc but use wording such as offers in region of £x or OIRO £x so that buyers know there is some flexibility.
Buyers:
As a buyer looking for a horse a lot of the article up to now is going to be relevant to you when considering your budget but there are some additional considerations.
Firstly don’t expect to pick up a 4* capable horse for a 4 figure sum unless you are willing to buy a foal and have a VERY good eye. You need to be realistic with your budget and what you can buy with it. Yes there are bargains to be found but mostly the cheap ones are cheap for a reason, that is not to say you shouldn’t buy a bargainous horse but more that you need to do your homework to work out why it is cheap and if not purely to achieve a quick sale that you have the ability to rectify the issue. If it is a veterinary issue personally I would stay clear as what you save in purchase price you will pay out further down the line especially as insurance companies do not cover existing conditions.
If buying from a dealer expect to pay more for the same horse than from a private seller although buying from a dealer legally offers you more protection. This legal protection is in the form of the Sales of Goods act and a horse being ‘fit for purpose’ BUT not all dealers are honest and proving a horse is unfit for purpose is a very difficult task. If you go the dealer route do your homework first even just a quick google of a phone number or dealer name will bring up a lot of valuable information and reviews.
When considering your budget you need to consider not just the cost of the horse itself. There is no point spending all your budget on a perfect horse to then have no money left for suitable tack and equipment nor training costs or entry fees for a long time afterwards. You need to consider vetting, transport, tack, equipment and even specialist feed/medical costs for any horse you look at. A £3000 horse based 10 miles down the road will cost significantly less in transport costs than a £3000 horse 100 miles away even if you drive your own transport its a lot of diesel both to view and then transport home.
Lastly I am also a great believer that you shouldn’t put yourself in debt for a horse because there is always the risk of the horse gaining a career ending injury that insurance won’t pay out on leaving you significantly out of pocket and potentially paying off a loan for quite some time with nothing to show for it. Obviously this is a personal choice but I would only spend what I can afford if that means buying an unbroken youngster so be it and actually I personally get a lot more satisfaction from bringing on a youngster anyway.
