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Leasing vs. Buying A Horse: What are the options?
Leasing versus buying a horse is often a quandary especially for families new to horse riding and showing. Many families often want to test the waters to see if their child is really serious about riding and to see what it is like to be responsible for the care and upkeep of a horse.
Leasing involves “renting” a horse for a specified time period for a set amount of money. Leases can range from paying full board and upkeep for the horse to paying a negotiated fee for the use of the horse under the terms of a contract. Horses are leased by the day, weekend for a show, month to month or longer term leases. Horses that are leased are often ones that either the owner will not part with and sell permanently or those that will not vet for a pre-purchase exam.
There are many options for leasing horses and it often comes down to personal choice, finances, short and long term plans, and the rider/trainer goals. Leasing provides access to many good show horses that are experienced and often affordable compared to an outright purchase. Purchase provides complete control over the horse, care and use and is often preferred by many families.
Leasing makes sense when you are new to horse riding and/or showing and want to make sure your child is going to really stick with this. If you buy a horse, then it is yours forever or until you sell it to someone else. Families new to riding want to make sure their child is going to take lessons which means regular trips to the barn. They will have to take care of the horse with all of the responsibilities it entails and stick with it past the first phase of “I want a horse”. For many families it provides a safe alternative to purchase and a way to gently enter the horse world.
Leasing also makes sense when you want an experienced show horse for a beginner rider, need a “fancy” horse that is outside of your price range for showing or need a horse when yours is on extended rehab and cannot be ridden. Sometimes it also makes sense to lease a horse for a short while to achieve specific show objectives or work through a slump in a rider's career. Maybe your rider wants to try “equitation or jumpers” and you own a hunter, so leasing might be a way to try out a different set of classes before buying a horse for those show divisions.
Buying is the other option which most families do as soon as they determine their child is serious, has demonstrated responsibility and it fits their financial situation and rider goals. Buying gives you complete control and use of the horse. The horse “in theory” should be able to be sold for what you purchased it for or even an increase if you create a show record for the horse. (please notice the words in theory – buying does not mean it will turn out to be a good investment.) Click here for an extended article on buying a horse.
Situations in which one might seriously consider leasing instead of buying a horse:
• New to riding and not sure if your child will stick with this for several years. Leasing a horse for one to six months provides a great way to test out ownership and experience the joys, costs and hard work that it takes. Many children, especially girls are in love with the idea of having a horse but not necessarily with all of the work and time commitment that it requires. If the child changes their mind, all you have to do is return the horse, rather than pay for its upkeep while you try to sell it. You buy a horse and it is your with all of the expenses until you can sell it.
• Transitional times. Riders, especially girls, go through very clear transitions with their riding. Girls seem to give up riding when they discover “boys” and a social life in the very early teens, at 16 years of age when they get a drivers license and a social life, and at high school graduation when they go off to college and new lives. If your child needs a horse just before any of these events and you are worried they might give up horses, then leasing is a good option so you are not stuck with the ownership of a horse as they go off into other phases of their life. Many families find themselves stuck with a horse when their rider has moved on as they grow up.
• Budget and cost issues for showing. Show horses, especially those with some experience, are costly to purchase outright. Leasing may fit the budget for many families and be more affordable than an outright purchase. Leasing a horse provides access to some quality horses at a more affordable price for horse showing.
• Situational leases. Horses go lame or can be in extended rehab so you may need to lease a horse for a rider to keep showing and working toward their show points and goals. You may also face a situation when the rider is in a slump, moving up a fence height and a short term lease of a experienced horse might help them through the transition. Horses are also leased for year-end qualifying classes in order to improve the rider's chance of winning ribbons and be competitive on a national basis. This is rare but does happen.
Buying tends to make sense when the family and the rider are ready to fully commit to riding, want a horse to show that will achieve your show goals and schedule, and have the finances to buy and care for the horse. Most people except the elite riders on the show circuit own their horses and work regularly to train themselves and the horse toward their show goals. They become partners in a riding career and the consistency of having the same horse that you own provides a comfort and sense of security for the whole family. Ownership means that you take over the complete care and more importantly the training of the horse. It seems to provide a sense of pride and responsibility in the rider.
Any buyer of a horse has to have in mind some type of plan on what they will do with the horse when they are done with it, when or if it is seriously injured, how far they think it can take their child. For example, not all horses can jump up to 3 feet 6 inches, many horses are better as 3 foot horses. Other horses will get hurt and need extended rehab or what if you child loses their passion for riding. Your commitment is total when you buy the horse.
Make sure your horse has some potential resale value when you are considering buying or you have the means to care for a horse for a very long time. Some people have “favorite” horses that they get attached to and keep for 20 and 30 years. Buying means you may be one of those people and you have to be prepared for a long term ownership. Many of us who have been in the show world for some time have also learned buying is a much easier proposition than selling.
If you are leasing a horse – make sure to use a contract, register it with USEF, and have very clear terms on the care and management of the horse, its show use and riding abilities. Contracts – very simple ones – are much better than verbal agreements to protect both parties. Leasing also means you may be dealing with the rules of the owner so try to lease from an experienced horse owner or a professional so that the transaction is a smooth one.
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