Leasing versus Owning a Horse
We did it! The thing I told myself that we would never do, was own a horse. But here we are, and I am happy to say, it was the right decision at the right time for us to do so. This journey was a lengthy one, filled with challenges we had to overcome, especially for my husband and me. Among the significant factors that weighed on us were our lack of knowledge about being horse owners, the considerations of where and how to house this handsome fella, along the added expenses involved. Previously, being a leasor brought us joy and fit nicely into our budget and schedule. However, witnessing our daughter's growing passion and progressing age, it became apparent that investing in owning a horse was the next logical step for us.
It all began about 5 years ago when we delved into the realm of leasing horses. The journey kicked off with our engagement in the 4H Equine program, a pivotal requirement mandating students to possess a horse to fulfill their horse project. Our rendezvous with the 4H group and barn proved to be an enriching experience, enlightening us on paramount facets such as horse safety protocols, emergency maneuvers, equine behavior and communication, anatomy, as well as the essential gear and preparation needed for riding. This educational endeavor became a cornerstone in my daughter's development, as she diligently absorbed every bit of knowledge imparted and showcased commendable skills. Through the leasing arrangement facilitated by our 4H community, she had the privilege of riding three distinct horses, marking a significant turning point in her equestrian journey. The decision to partake in this endeavor bore fruit beyond comprehension, not only honing her proficiency in the aforementioned areas but also providing her with a platform to fine-tune her oratory abilities, exhibit showmanship, and delve into the realm of natural horsemanship philosophy. Her newfound interest in gymkhana events, particularly Cloverleaf barrels, kindled a desire to delve deeper into the world of barrel racing and explore avenues to engage with the Junior High School Rodeo circuit in our region. While the leasing arrangement initially served as a valuable learning curve, equipping us with a plethora of insights, the emotional toll of transitioning between horses and the substantial investment required for their upkeep eventually prompted us to reassess our approach. The bittersweet cycle of bidding adieu to one equine companion upon outgrowing them and embracing a new chapter with another underscored the fleeting yet profound connections forged in the equestrian domain.
In my research, I came across two helpful posts from An Equestrian Life providing valuable tips and a comprehensive guide on the best lease options for you to consider. With numerous lease choices available, it is crucial to inquire and thoroughly research before making a decision. Additionally, My New Horse offers a fantastic resource detailing how leasing can serve as a stepping stone toward eventual horse ownership.
Deciding whether to lease or buy a horse depends on various factors including your level of commitment, financial situation, and long-term goals. Here's a breakdown of the pros and cons of both options:
Leasing a Horse:
Pros:
Lower Initial Cost: Leasing typically involves a lower initial financial outlay compared to buying a horse outright.
Flexibility: Leasing allows you to try out horse ownership without the long-term commitment. You can lease for a specific period, such as a year, and then reassess your situation.
Maintenance Costs: Depending on the lease agreement, the owner or lessor may cover some or all of the maintenance costs, such as vet bills and farrier expenses.
Access to Different Horses: Leasing allows you to ride different horses, which can be beneficial for improving your riding skills and understanding different horse personalities.
Cons:
Limited Control: As the lessee, you may have limited control over the horse's care and training, depending on the terms of the lease agreement.
No Equity: You won't build equity in a horse by leasing. Once the lease period ends, you have no ownership stake in the horse.
Restrictions: Lease agreements may come with restrictions on where the horse can be kept, who can ride it, and what activities it can participate in.
Buying a Horse:
Pros:
Ownership: Buying a horse means you have full ownership and control over its care, training, and activities.
Equity: You build equity in the horse, and if its value appreciates, you may sell it for a profit in the future.
Freedom: As an owner, you have the freedom to make decisions regarding the horse's care, training, and competition schedule.
Bonding: Buying a horse allows for a deeper bond and connection between you and the animal over time.
Cons:
High Initial Cost: Buying a horse involves a significant upfront cost, including purchase price, tack, equipment, and ongoing maintenance expenses.
Responsibility: As an owner, you're solely responsible for all aspects of the horse's care, including veterinary bills, farrier costs, and boarding fees.
Commitment: Owning a horse is a long-term commitment that requires time, effort, and financial resources. You can't easily walk away from ownership if circumstances change.
Ultimately, the decision between leasing and buying a horse depends on your individual circumstances, including your financial situation, level of commitment, and long-term goals. If you're unsure, leasing can be a good option to gain experience and determine if horse ownership is right for you before making a more significant financial commitment.
