I’ve been looking for the right horse for a while (save for the past two months when everything shut down) and now that I’ve renewed my search I’m wondering if I should lease instead of buying. I know- or I’ve been told- that my budget for a 2’3"-2’6" packer of up to $25K is “too small” and that I could get a good horse that was “stepping down” if I leased instead. But given that leasing isn’t cheap and requires insurance and every other cost associated with horse ownership (boarding, lessons, health care, shoeing) I’m wondering if it is really the better deal. I’ve never leased a horse before save for a few informal arrangements so I’d love to hear the opinions of those who have- the pro and the con. Thank you!
Not sure where you’re located and what your goals are but you might be able to do some kind of in barn lease if your trainer has any kind of lesson program or if there is anyone in the barn who has a horse that needs to step down but they don’t want to let go of it. Going to depend a lot on who your trainer is/where you’re located/what your goals are but I know around me (NY/Westchester area) there are a lot of barns that have small lesson programs with very nice “school” horses who are really just older show horses that are still nice enough to go to local shows and ribbon at the 2’3-2’6 height. Most that I’ve been to are open to some kind of in-barn full or half lease situation on those horses.
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I was leasing a horse from the barn but she is no longer rideable- alas- and the barn doesn’t have another horse I can lease so I would have to lease one from “outside” that would cost an extra $10 or even $15K plus boarding and lessons etc. I’m in the greater NYC area too.
To me, a lot depends on what your goals are. Are you intending to show? If so, do you have aspirations to move up to the 3’ (or higher) divisions? If so, a yeara or two lease on a packer that you can then return and move on might be a good bet. If your intent is to just have fun at the lower levels (or not even show at all), then buying something that can be a long-term companion and friend might be the better option. The main attraction of a lease, IMO, is that you’re not “stuck” with a horse who is no longer suitable for the job you want it to do later on.
I prefer to own, myself. But yes, in any normal coastal market, an ammie-friendly 2’6" packer that can be in the primary colors at the medium-sized shows is going to cost significantly more than $25K. These are not nomral times, though, so you might get lucky…
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Thanks, Paw. That’s definitely helpful. I will never go above 2’6" and right now I’m at 2’ after a long break. My show aspirations and my experience have been local so far- the horse I was leasing was a super talented show hunter who was ‘stepping down’ to my level so I got lucky. And I don’t want to do much more than local medium sized shows with my next horse. And yes, I have to admit I was hoping these uncertain times might mean I could get more horse with my limited budget than I might have pre-Pandemic times!
A lot also depends on your personal financial situation - if your budget is $25k now, and you spend $10-15k/year (a common outside-the-barn lease price), whether that is a good idea or not depends on where that leaves you at the end of those two years. You have to think about whether you will have the income stream to replenish the horse fund so that when those leases are up and you need another lease or need to buy, you have money in the pot to spend, or else you’ll be without something to ride. If you are realistic about what you need for the job (ie, doesn’t have to be uber fancy, does need to be solid citizen), and a little flexible on age (experience is valuable, and there is so much we can do in maintenance to keep them comfortable), you will eventually find something for $25k, you just are likely to have to cast a wider net on your search (ie, shop the local show barns, the eventing sale barns, do an ISO of ad in the Facebook groups, etc . . . not BigEq.com or the Exchange, where they have mostly higher-dollar options). If you also can be a little flexible on size, that also helps. If you are going to stay in the 2’-2’6" range, I personally would lean toward trying to buy something that I could hopefully keep riding for years rather than putting the money toward a lease fee.
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This is the insanity of the american “sport horse” scene. Given that 2’ is basically where any horse can jump (hell, ranch horses jump 2’ going over fallen trees), then a horse with a good mind but no jumping experience should be within easy reach for a small fraction of $25K. Why is it folks seem to think they have to spend so much for a nice horse? There are probably 100 2’-2’9” horses within a reasonable distance of the OP for way less than $25k. A friend of mine in upstate NY seems to find them regularly. Another friend in Chicago just had a “retired” A/O hunter given to her because the owners wanted out from having to care for a horse that want not “A” showing.
I bought a 3 year old OTTB for $3K (Including tips and commission), never jumped, had it going 2’ the first time I jumped him (because otherwise, he would walk over the “fence”). He is the horse in my profile pic. Drove 2 states over, tried him, waited 9 months for him to live out in the herds of Arizona, drove back, picked him up and have loved on him ever since. He is registered now as a labradoodlebred.
To the OP, if you have a trainer you trust, who can set up a horse you like, why not buy a cheap, good minded horse for 1/10 what you have, use the rest for board and training, and just enjoy the process? You say showing is not a priority so get a horse you will love.
OP, if you are willing to do the work and be a horseman, learn the market, be willing to go farther afield from the local space, learn to develop an untrained horse, or take on the care of an older school master, there is no reason you can’t find a horse in your budget.
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Thanks Rayers. I am glad you have had such good luck.I spent a lot less than $25K for a horse a few years ago and the horse was all wrong- four years old, green - a bad combination for a good but nervous middle aged rider. I spent a lot of money trying to 'round this square peg and after a very bad accident (fall) I gave her away to a great home. I think you are rather harsh to say things like “if you are willing to do the work and be horseman and learn the market.” I am doing and have been doing just that. And while they may give away former A circuit horses in Chicago, they don’t do that in my neck of the woods or if they do, I sure don’t know about it.
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I’ve experienced both sides and I can tell you what I’ve gained:
Leasing: a fantastic opportunity to become a versatile rider. You lease, you show for one season, and you give him/her back. I’ve been lucky enough where all of my leases have been fairly inexpensive due to the fact that they were desperately looking for a rider, but I believe it is a great short-term option for those either not wanting to spend the money on a full purchase price or who simply do not want the full responsibility of owning. If anything goes wrong, you give him/her back. You don’t mesh well, you give him/her back. It is very low risk, but you are correct in the sense that some leases can cost $10,000+ per season (on JUST the lease fee) and I just don’t find it to be a sustainable practice. You’re making other people money, in my opinion, and I think I work way too hard in the saddle (and at work) to be doing that. So I left that scene last year.
Owning: an incredible experience (so far). From my understanding and from reading your posts above, you’ve already taken this route and had a bad experience and I’m sorry! Understandably things happen, horses are not great investments. However, I feel like there is much more value in owning your own rather than paying someone top dollar to lease their animal. I really do believe there is something in your budget, stepping down, with perhaps a solid reliable 4 - 5 years left of showing in lower level hunters (as long as you’re okay keeping and maintaining a retired horse in the years to come, which may veer you away from owning). I have gotten so much more from owning than I ever did leasing. I personally feel like my heart is in it more, I have a solid bond with my horse and the sky is the limit. With leasing, the limit is what you pay for!
Best of luck in your equine search!
My experience is you do not have to pay $25k+ for a 2’6” hunter. The only reason you would go above that price is if you are working in 5 different commissions, which many bigger barns are likely to try to do. You may have to look around, but if that’s your budget there IS a horse out there within it. Especially if you aren’t planning to go to WEF, Kentucky and the like.
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Know that most “show horse” formal leases, like a packing 2’6” Adult horse, will require you pay any vet bills that result from injury in your care. Much like owning, you could be paying the bills on a horse you can’t ride until the end of the lease term. Insurance will help with the vet bills but not the board, etc. Anything can be negotiated but this would be pretty typical. If you luck in to a situation with a flexible owner willing to take one back if injuried that be a coup. Good luck in your search. They are out there and likely going to be a bit easier to find post-pandemic.
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OP is in the NYC area. Board and costs is likely several thousand a month. A 2’6 hunter is going to be $25k at such a barn, it just is.
OP, you can get a deal but maybe not from your trainer or in your area. Take a trip to the Midwest and horse shop at an A show there when things start up again.
If you are willing to be a step down home and then retire the horse, you can probably find one of those quite affordably, even one that was a big winner in its day.
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Thank you so very much for your truly helpful and very kind response KWPN-01. That makes a lot of sense and it does seem like I’d be borrowing a horse and paying a lot for the privilege - and likely would get so attached it would be hard to give him or her up. And then there is the other factor - that I didn’t mention before- that my trainer would take a commission on a leased horse as well as purchased horse so I could end up paying a commission twice!. Thanks too for your response Eventer2483. I feel like I have been looking for so long- though with the Covid-19 crisis, my looking is now in smaller geographic area which I know makes the budget more challenging!
I find the value of leasing for me is a) lack of long term commitment and b) getting more bang for my buck. I am an adult who shows regularly and I don’t anticipate wanting to stay in the same divisions forever. Move up to bigger jumps, move down some years later, dabble in jumpers, maybe even the low AA/1m. I like leases because I am not committed to a horse I may outgrow goals wise. also like the flexibility that if the horse becomes permanently lame and can’t be ridden, I’m not stuck with it. I unfortunately don’t have the budget to keep something I can’t use and just retire, so leasing is much more attractive.
I also can get a much nicer horse for a show season leasing than I can get buying. For me right now, I don’t want a young horse to train up or something on its way down with soundness issues or limitations that make it budget friendly - I’m at the place in my riding that I want something fun, athletic, and fancy. Leasing is the best way for me to get that! One day, I’ll buy. But for now, leasing affords me the flexibility that is best for my goals and budget.
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Thanks Blondewithchrome- that makes a lot of sense but you sound like a much more talented and ambitious rider than me! My goals are smaller and my needs more limited. I’m at a barn where I am definitely one of the ‘minor’ players in the sense of both money and talent (there is a show team of much younger riders) but I like my trainer and the barn so I’m trying to figure it out.
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The main drawback to leasing is that the horse can get pulled out from under you any time.
If you want to climb levels right now, lease. If you want to have a friend and companion, own.
It is too bad you had a bad owner experience. Make sure the trainer that found you that horse isn’t the same one helping you now.
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I leased once. I’m glad I did because the horse turned out to be way hotter than I had time for back then. I would have been stuck with her. I ended up with a gelding that was a little less problematic and very athletic that I purchased after the lease was up. But I’ve purchased or have been given all of other horses. Many of them were rescues that needed a little work or rehab, but eventually became fabulous.
Oftentimes, you can find a talented injured horse who just needs 6 months off for full recovery. But the owner doesn’t have the time or willingness to hand walk, hand graze, wrap legs, etc. They give them away and move on to something else.
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You must watch this fantastic mini course on the real costs of leasing vs buying…
https://youtu.be/fm-W0tCd3T8
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That isn’t necessarily accurate. You sign a lease agreement. The owner can’t just yank the horse away in the middle of the lease term if the agreement is written correctly.
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To those thinking the OP’s budget is fine, the key word in the description is “packer.” You can find a horse capable of doing 2’6” no problem for that budget, but you’re likely to find something green or quirky. A packer can find its distance, auto swap or land it’s leads, take a joke without getting upset, has an established show record, and is generally safe and knows it’s job extremely well. It takes time and money to produce a true packer, and that’s part of why they are so expensive. The other part is there is considerable demand for them.
OP, others have raised good points about leasing versus owning. You could certainly lease a horse at that price, though again, a true packer may be more than that. We’ve leased some for nearly double that amount to jump that height. The ones in that bracket tend to be older, as in late teens.
You may be able to find something suitable in your price range by looking at off-breeds (i.e. not a warmblood). If you don’t have huge show aspirations, that may be a solid option. But keep resale value in mind if that’s a concern.
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