Companion pets are great fun. What white witch doesn't love to have a black cat padding quietly behind her? Actually, I now have quite a collection of pets, and I accidentally discovered something worthwhile: pets are a tradable commodity!
Companion pets are an especially good source of gold for low-level players, who might have a few silver coins spare and can buy a beautiful black Bombay Cat from Donni Anthania, the cat lady just between Northwind Abbey and Stormwind City. You can then auction it in Stormwind for a good profit.
However, if you can get to the Blackwater Auction House in the goblin-held cities of Tanaris or Booty Bay, you can make a even more money there, because horde traders make the trip there to buy these alliance pets (pets that the vendor will only sell to alliance members). They can't get them any other way.
Other pets you can easily get at low levels are the Snowshoe Rabbits from the Amberstill ranch in Dun Morogh, and the owls of Darnassus. Any time you're passing, just pick up a few and sell them in an Auction House.
Also, if you happen to be visiting the Blackwater Auction House, you can often pick up horde pets. Those Golden Dragonhawk Hatchlings are especially pretty!
Have fun with these beautiful creatures!
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