If the frame, flooring and hardware are in good shape, I would say yes, it's a good price. The restoration expense of a trailer, would typically equal or even exceed this selling price. If the process was well done, you're actually getting the trailer for little or no cost.

There are other issues you should address in your purchase costs. A complete inspection and possible replacement of the bearings and brakes could involve several hundred dollars. Fortunately this should be a one time expense, but on an older trailer it's necessary. A spare tire is a necessity. How is the floor? Is it wood or aluminum? Is it rotted or corroded? Does it have mats?

You didn't say if it was a steel or aluminum trailer. A complete close inspection of the undercarriage is mandatory. A new paint job will not improve a poor frame, that may be damaged or rusted. Look carefully, beyond the impressive new looks to the mechanicals. That is what's important.

Most "asking" prices are not selling prices. If a person is "asking" a certain amount, it usually means he is willing to deal. At this time of the year and in this economic environment, many equine related items exchange hands at lower prices than normal. I would start the negotiations at the very least, by $500 less than his "asking" price.

Gard