I grew up watching my grandfather buy and sell at local auctions, and I was first one up (no stirrups in case they flip!) a couple of days after they came home. So the art of seeking the “diamond in the rough” from the revolving door of the marketplace is lifetime familiarity for me. I’m now the age he was then (egad!)
Around a dozen times over the years I’ve purchased (that is, PURCHASED!) horses below market value who were in need of an “upgrade.” Several, including the one I competed successfully for many years, had issues that had them bound for “the pipeline” as they were not amateur rides. One I rode for the next 21 years; another I sold in 3 as we just didn’t get along.
Twice I’ve taken a chance on an unbroke youngster; one is now 14 and I can and do trust him with my life; My Little Pony for my old age. The other became a cripple at 5 taking a bad step in a flat walk in a shallow mud puddle. I keep her as a gorgeous pasture puff. The point here is that you NEVER know until you buy and try. BUY. It’s important to remember also that you can ALWAYS SELL! And auctions are not evil; they efficiently bring ready buyers and motivated sellers together.
When the Great Recession hit hard here in '08, I had people practically throwing horses at me. I “upgraded” two locals whose prospects were frankly starvation; both emaciated, unkempt and under $500.00. Both were sucessfully rehabbed and were attractive, safe and useful for a number of years. But I bought them directly from the owners who were in difficulty, and neither signed restrictive “contracts” nor paid an outrageous premium for a glorified flipper’s virtue-signaling.
After reading this thread, just to see I checked the “Available Horses” of the rescue closest to me; their offerings all are selling (SELLING!) for $1,000.00 or more over what they’d bring at New Holland, very far above fair market value. This is frankly nuts. In a short list of five, three of them had:
(1) Chronic Laminitis/Cushing’s Syndrome
(2) Neurological due to EPM
(3) Required very expensive special shoeing and not sound even then.
For what possible reason would one saddle oneself (sorry!) with such a mess?
Another rescue specifies the horse MUST have 24/7 turnout (in a small, populous state where 1 barn in 300 can provide that) and can never be bred or shown. SHOWN? As in, no 4-H or Pony Club even though it might be the perfect horse for such use? Might explain why said rescue is drowning in un-“adopted” horses that never seem to move on.
So here are my tips:
Know the hard upper limit of your budget, and realistically the purchase price is the least of it.
Go to the sales or to sale barns with a knowledgeable PRO to whom you will pay a commission.
Be realistic about your skills, aspirations and life realities.
Try and make a match, but if it’s obvious the horse isn’t suitable, it goes back where it came from ASAP.
Some great opinions up-thread about all these realities; listen to the advice.
Good Luck!