Welcome to the third edition of the How To Buy A Horse series where I’ve been answering some of the most commonly asked questions by first-time horse buyers. In previous posts, I’ve addressed the popular question of What Breed is Best For First Time Buyers as well as explored a couple of common budget-conscious options when Buying A Horse on a Budget.

Now I’m marching into the age-old debate of leasing vs buying a horse, informing you of the advantages and disadvantages of both options enabling you to navigate making the right decision for you.

So let’s dive in.

Should I lease or buy my first horse?

Leasing: A Closer Look

Leasing presents a fantastic option for those looking to dip their toes into the equestrian world without diving headfirst. It’s a cost-effective approach, providing financial relief from the upfront purchase price. Flexibility is another perk, especially if you’re unsure about your commitment level or you’re still exploring your child’s long-term interest in horses.

If you’re looking to make a move to a new program, or getting started into an elevated level of riding, leasing can be akin to a trial period, offering you the chance to assess your compatibility with a new coach, barn, and the overall dedication required for the sport. Keep in mind, most leases are offered on a year-long term.

Some full leases may include a lease-to-buy option where the amount you’ve paid on the lease will go towards the purchase price if the horse turns out to be your perfect long-term partner. This is also a great way to ensure you’re feeling confident about your purchase.

Leasing also helps ease into financial commitments like vet bills, farrier expenses, and other regular maintenance like bodywork and preventative therapies. In most lease agreements, you would be responsible for these expenses, so while it may not necessarily be a cost-savings approach, the visibility and accountability offers you a clear understanding of the financial commitment involved in ownership. Depending on the arrangement, there may be opportunity to share these expenses with other lessors, or with the owner which would in-fact be some savings overall.

Overall, I wouldn’t necessarily call leasing a cost-savings approach, more of just a cost-distribution. If you lease for an extended period of time (multiple years), you may end up spending more on the horse in the lease than you would have if you had just paid the purchase price.

Remember, when your lease is up, you return the horse – you have to be prepared to spend the money on the lease in exchange for the value of the experience alone.

Keep in mind that quality horses that are available for lease are in high demand. This puts a premium on their lease price. It can also create some scarcity, so there can be a bit of a right-place-right-time element involved in leasing.

Buying: Ready to Take the Reins?

Owning your own horse brings an undeniable emotional connection and bonding experience. When you own your horse, the bond is just… different. And in a sport where the rider-horse relationship is key, this connection matters and holds tremendous value.

Ownership also provides control over training and development which is especially important if the horse is younger or less experienced. This allows you to create long-term plans to achieve your goals and build equity if the horse develops and performs well.

Financially speaking, once the purchase price is paid for your horse, the investment is yours. Whether you have this horse for a long time, or make the decision to sell it, you do have an asset with inherent value. While startup costs are substantial in the first year, and should be something you’re prepared for, and they do level out over time.

When viewing your horse as an investment, it’s important not to underestimate the inherent risks associated with every horse, regardless of their initial cost. Any horse can encounter injuries, illnesses, or unforeseen developmental issues. Relying solely on the presumed built-in equity of horses is never a solid financial strategy.

Finally, remember, as an owner, you are solely responsible for the health and well-being of your horse for the remainder of your time as it’s keeper. Never forget they are dependent on you for their care, working hard for you earning the best care you can provide.

Whether you choose to lease or buy, know that each option has its merits. Consider your current circumstances, future goals and budget, and remember, the right decision is the one that aligns with your unique journey in the equestrian world.

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