Buying a new horse - what proportion of your savings/income are you prepared to spend?

[Wishfilly]

I couldn't afford to run two at the moment, so that puts buying another out of the picture. I do have a medium term plan to buy a trailer, which I know isn't as much of a risk as a horse, but my plan is to save up for that in a separate account. I'm currently comfortable with the size of my emergency fund (and my pony is insured), and I have a high interest saver which will go towards paying off a (small) chunk of my mortgage when it comes to renewal.

So I guess it's another in the "what I can afford to lose" category, but I like to save up for big outgoings and then I don't feel guilty about spending the money. I don't think about it in terms of annual salary, as I'm not sure that's very meaningful to me?

 

[BBP]

It’s a real lottery isn’t it. I think if my current youngster comes good he stands a good chance of being a horse in a million. I’m going at snails pace with him because of his issues but I’m hoping that means the foundations will be solid and when (if) we do eventually back him it should come easy and progress faster. But we may determine that his issues are too deep to be rideable. I could go for another youngster to run alongside him in the hope that one of them can be ridden one day. But with the ‘life is short’ philosophy it would be lovely to have one that could adventure with me straight away.

Another who buys youngsters, I've never had made horse money. I also wouldn't spend more than I was prepared to write off. You can get a fairly nice welshie at the auctions for around a grand (or at least you could a couple of years ago, that may have changed), although as you say you do then have to feed and keep them until they're old enough to back.
Depending on what you want to do, you could back at late 3/4yo and potter without causing any issues? Realistically, if you buy a made horse, they will almost certainly have been backed earlier than 5 and you may not know if they've been hammered in their early years, whereas with a youngster you back yourself you can ensure they spend their 4/5yo years hacking quietly, which is probably a better bet for long-term soundness.

To counter the above, you make an amazing extremely good point here about the fact that a ‘made’ horse is likely to be backed before 5 with an unknown workload. And I’ve already made the mistake of buying a 19 year old thinking if she’s sound at her age and doing the job then I’m on to a winner. Turns out she is only ‘sound’ because of a hundred compensatory patterns to make up for a very dysfunctional body and is an anxious mess as a result. I can’t ethically ride her knowing what I know now, so she was money I basically burned.

 

[CanteringCarrot]

I am not worried about anything properly started at 3. So the backed before 5 thing doesn't bother me so much. Whenever I've backed or had one backed after 5, I've not had as good of an experience as ones that I've backed/were backed at sometime in their 3 year old year. I have no idea if my experience is typical, it's just my experience. I could see waiting if there were a variety of issues to sort through first.

I only own one horse at a time. I do not have the time or other resources for more. Typically I am using the money from selling one to fund the next one, but not always.

It depends on how much I care to lose, and that number varies based upon what else I have going on. I don't stick to any percentage.

 

[AShetlandBitMeOnce]

Very impressive. How can we tell you're an accountant ?

And he was a bargain.
.

you've got me pinned!
Is this the point where I tell you that I have tracked what he's cost me to the 1p since the day he arrived?

 

[BBP]

I am not worried about anything properly started at 3. So the backed before 5 thing doesn't bother me so much. Whenever I've backed or had one backed after 5, I've not had as good of an experience as ones that I've backed/were backed at sometime in their 3 year old year. I have no idea if my experience is typical, it's just my experience. I could see waiting if there were a variety of issues to sort through first.

I only own one horse at a time. I do not have the time or other resources for more. Typically I am using the money from selling one to fund the next one, but not always.

It depends on how much I care to lose, and that number varies based upon what else I have going on. I don't stick to any percentage.

I don’t mind backing at 4, it’s more that I see them at 4 with zero thought to their musculature, their growth plates and their posture in preparation for carrying weight. So with my own young horse, and because he has issues so 100% isn’t ready, I have the luxury of another year to hopefully increase his longevity. I always wish I had given BBP another year. And I don’t think backing at 5 is any different to backing at 3 or 4 if all the groundwork is in place. Of course I am preparing myself to be proven wrong

 

[BBP]

you've got me pinned!
Is this the point where I tell you that I have tracked what he's cost me to the 1p since the day he arrived?

I would be far too scared to do that. But I quite enjoy reading the detail of what you have spent!

 

[ycbm]

you've got me pinned!
Is this the point where I tell you that I have tracked what he's cost me to the 1p since the day he arrived?

Is this when I tell you I have a list of the 47 horses I have owned, and know what I bought and sold them for and how much they cost me to keep

 

[CanteringCarrot]

I don’t mind backing at 4, it’s more that I see them at 4 with zero thought to their musculature, their growth plates and their posture in preparation for carrying weight. So with my own young horse, and because he has issues so 100% isn’t ready, I have the luxury of another year to hopefully increase his longevity. I always wish I had given BBP another year. And I don’t think backing at 5 is any different to backing at 3 or 4 if all the groundwork is in place. Of course I am preparing myself to be proven wrong

In theory, it shouldn't be. It can just be different. Horses are individuals though, and there are variables, so my experience is probably worth the paper it's written on

I'm not sure how much more longevity one gets. I back mine at 3, but prepare them for it, and it's not game on serious riding 5 days a week. I have looked at some and said, "you're not ready yet" and waited. Current one seems desperate for more/a job. So some light riding is in the cards for him.

 

[Boulty]

I’ve never paid more than 2.5k for a horse which was roughly 10% of salary when I bought Fuzzball… if the damn creature would stop self harming he’d be worth more than any budget I’ll ever have to spend now. Unsure what I’ll do when it’s time for another… selling the horsebox to raise funds may be a viable option (& it is surprising how fast money mounts up if you have a horseless period!). Guess I’ll probably end up with another youngster of a cheaper breed (I don’t have the desire for another Highland anyway!) and pray for it to like vets slightly less!

 

[CanteringCarrot]

Re tracking and adding up expenses; some of you are masochists.

 

[AShetlandBitMeOnce]

Is this when I tell you I have a list of the 47 horses I have owned, and know what I bought and sold them for and how much they cost me to keep

We are clearly equally derranged!

He's cost me 124% of his purchase price just in 2024 so far, so the adage of 'it's not how much you buy them for, it's how much you spend to keep them you need to think about' is definitely true.

 

[Puzzled]

I’d spend as much as I could afford without bankrupting myself. Buying them is often the cheapest part! I sell horses for a living and I will always try and find something in the clients budget (big or small) but in horses on the whole you get what you pay for and I guess I’ve got quite expensive taste! If my budget was lower I would (as I frequently tell clients) buy a 3 yr old instead. You’ll get far more for your budget and with Connemaras (mainly what I sell) the average horse person can do quite a bit of the groundwork himself saving on backing costs.

 

[SO1]

I like to have 6 months of my salary in savings. I am single though so don't have the back up of an OH if things go wrong though I would hope my family might help me out in an emergency should for any reason I not be able to work.

I paid way more for Bert than I thought I would need for a NF as they have become fashionable since I bought Homey in 2007 for £3150 as a 5 year old.

Also on top of the purchase price I had a 5 stage vetting with X rays so he ended up being nearly 10k. I worked out if he lives till 20 which is how
long Homey lived his purchase price would be about £560 a year. Hopefully he will live longer than Homey did.

Buying a horse is a gamble. I think even if I had had 100k in savings I would have put my budget still at 10k as I felt I could get what I wanted in that price range.

I was in a state of grief still when I bought Bert. Buying a horse after loosing another one is very different experience than buying the first time round or after selling an outgrown pony.

 

[HorseMaid]

I'm a bin end buyer really, and I'm aware I've been very lucky - bought my mare 6 years ago for £1200 and have never had any major issues, latest little project was £500, I did get a good one for free a few years ago (long story). We've got our own land now so the keeping costs are a lot cheaper however I just haven't got the spare cash to spend more than a couple of thousand on a horse.

 

[iknowmyvalue]

Pepsi is never going anywhere so my next one will be the one I have to think about this (the others have been majority funded from sale/(sadly) insurance payout from previous ones, starting with the pony my parents bought me when I was 12. I’m unlikely to be in a position to spend a huge amount (going off 10% of my salary is still a <£5k budget) which is part of the reason the next one will be an unbacked youngster!

But I agree with others, for me its what you can afford to lose if it goes wrong, but also with a healthy dose of “life is short buy the horse”. Would I rather have a horse I love and spend slightly over budget? Absolutely. I wouldn’t go into debt to do it but there aren’t many things I’d rather spend money on. Though appreciate those with families/other responsibilities are in a different position.

 

[daffy44]

I have NEVER added up/tracked everything I've spent on horses, why would I hate myself that much?? (you can tell I'm not an accountant!)

I stick to only spending what I can afford to lose, that amount can vary at different times of my life, but I do always stick to that principle.

CC, just as balance, the only horse I didnt back until she was 5 went to GP and retired sound from that level of competition aged 17, having never had any joint injections etc. Generally I back them when they look ready and it varies from horse to horse.

 

[Equi]

I did the naughty thing I tell others not to do and put half on my credit card. I insured for death only for the sum I paid. I was so lost without a big horse and it would have taken a year to save the money anyway so I figured I may as well have the horse now and pay for the next year.

 

[Michen]

We are clearly equally derranged!

He's cost me 124% of his purchase price just in 2024 so far, so the adage of 'it's not how much you buy them for, it's how much you spend to keep them you need to think about' is definitely true.

Hehe, Boggle cost me 3k including shipping from Ireland. Boggle in the last 18 months (including vet bills, import to USA, livery etc)... $131,000 (dollars) ish, probably more if I added it up properly.

As my friend just reminded me, that would have been a good chunk of a fairly nice house. I drained all my shares from when I left my UK company, plus maxed out every card available. Luckily cleared it now but still a sickening, sickening amount of money.

 

[AShetlandBitMeOnce]

Hehe, Boggle cost me 3k including shipping from Ireland. Boggle in the last 18 months (including vet bills, import to USA, livery etc)... $131,000 (dollars) ish, probably more if I added it up properly.

As my friend just reminded me, that would have been a good chunk of a fairly nice house. I drained all my shares from when I left my UK company, plus maxed out every card available. Luckily cleared it now but still a sickening, sickening amount of money.

I am going to screenshot your post and show it to the next person who says 'my god, HOW much?!' when I tell them how much he costs me a month

 

[CanteringCarrot]

Don't tell my horse, but he's going to be put to sleep longggg before I spend 6 figures on him!

Hoping to get him off of the payroll once he has more time under saddle. I will then step away from horses and either save responsibly or irrationally sink my money into some other hobby

 

[BBP]

Hehe, Boggle cost me 3k including shipping from Ireland. Boggle in the last 18 months (including vet bills, import to USA, livery etc)... $131,000 (dollars) ish, probably more if I added it up properly.

As my friend just reminded me, that would have been a good chunk of a fairly nice house. I drained all my shares from when I left my UK company, plus maxed out every card available. Luckily cleared it now but still a sickening, sickening amount of money.

A fairly nice house won’t whiffle your hair after a hard day though. Or make soothing munching noises as it eats more of your money.

 

[Michen]

A fairly nice house won’t whiffle your hair after a hard day though. Or make soothing munching noises as it eats more of your money.

Exactly! There’s reason for the insanity!

Who needs bricks and mortar when you have a Bog thug

 

[BBP]

Karma keeps biting me every time I think of buying another, I posted this thread and now my wretched car has broken down for the second time in a week. Same discussion, buy a clapped out old car and have it break down constantly or save up for something newer but blow a big chunk of money at the outset. Aarrghhh. I’ve just had to abandon it and walk home.

 

[Michen]

Karma keeps biting me every time I think of buying another, I posted this thread and now my wretched car has broken down for the second time in a week. Same discussion, buy a clapped out old car and have it break down constantly or save up for something newer but blow a big chunk of money at the outset. Aarrghhh. I’ve just had to abandon it and walk home.

Oh gal.

Those are the moments where I want to scream. Hopefully something simple that won’t impact horsey budget too much. Everything happens for a reason, yadayada..

 

[Barlow]

I think it all comes down to what you want.
I know that my next horse will be a particular breed, gender, and of a narrow height parameter that isn’t always easy to find for the breed. I also want a certain temperament that also isn’t always easy to find. The only thing I’m not too fussed about is colour. So I know and expect to have to pay for it. I’m already saving up despite the current horse not even 10 yet as I expect I’ll need between 30-40k all in for something that is young with the basics established.

 

[CanteringCarrot]

Edit: I was off topic. Never mind!

 

[TheMule]

I like to keep a certain amount in a savings account for car emergencies/ horse emergencies/ general bad life stuff but anything over that amount is fair game. Not that I have ever bought an expensive horse (3k on a mule foal was my most extravagant equine purchase ever…. But totally worth it )
If you keep an open mind and don’t mind waiting for a bit then I expect something will present itself as a solution.

 

[Michen]

I like to keep a certain amount in a savings account for car emergencies/ horse emergencies/ general bad life stuff but anything over that amount is fair game. Not that I have ever bought an expensive horse (3k on a mule foal was my most extravagant equine purchase ever…. But totally worth it )
If you keep an open mind and don’t mind waiting for a bit then I expect something will present itself as a solution.

I love this attitude. Fair game indeed

 

[lme]

I tend not to think about costs as a % of income. Just whether a horse I like is worth the asking price to me. My most recent purchase was the most expensive horse I have bought, even though she was a green 4yo. To me she was a bit of a luxury as I am essentially a happy hacker and she is way over specified for my needs but 2 years on I am very happy with her.

 

[Melody Grey]

All of the horses I’ve purchased myself have been projects for pocket money prices, those that are diamonds in the rough but need experience and patience. Usually those a little too quirky for others to take a chance on.

Absolutely blows my mind some of the prices of produced horses nowadays, they’re house deposit money!