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How have you funded a horse? Small Update!

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  • #21
    I'll be the downer here. If your husband and you are working on being debt free in 2.5 years, then going into more debt to both buy a horse and then of course to maintain it for the next few years is counter-intuitive.

    What about using the half that you have now to help pay down the debt you are trying to get rid of and then waiting until you are debt free before you look for another horse.

    Comment


    • #22
      Originally posted by OveroHunter View Post
      I'll second that debt may not be a horrible idea. Here's a basic lesson from getting my Series 7 and Series 66 financial advisor licenses:

      I have $1000 to either invest or buy a couch, but at the end of the day I have to have a couch. If I invest it I get 6% and if I buy the couch, I get the couch and that's it. Now say I can get the couch for $0 down and 1% financing for 1 year from the store. If I invest the money and buy the couch on loan I will have $1060 at the end of the year, and I will owe $1010. I come out $50 ahead! Had I just bought the couch I would have broke even.

      Now it's hard to say what your rate would be on your horse and he may not even be an investment, but your happiness is definitely an investment. You can't exactly quantify it, but you do need to take it into account.

      ETA: Another thing to consider is that I hated being a Financial Advisor and barely lasted 6 months before I quit to become an analyst
      Of course you could invest $800 of the $1000 and get 6% and then use the remaining $200 to buy a perfectly serviceable couch from craigslist.

      Your argument is flawed however if you apply it to a living animal. So, the OP might have $1000 that she could (unlikely) invest at 6% however could very likely use to downpay and existing debt, which could be at 6%. If she uses that $1000 to pay down debt that she has at 6% then she saves $60 by the end of the year. However, if she uses it to buy a horse, who she then has to board, pay vets bills on etc you could conservatively estimate that she spends $2500 (assuming she keeps at home etc) in a year.

      So the difference is not your couch analogy of being $50 better off, but in fact my analysis of being $60 better off vs $2500 worse off - therefore $2,440 worse off.

      Comment


      • #23
        Originally posted by Kate66 View Post
        Of course you could invest $800 of the $1000 and get 6% and then use the remaining $200 to buy a perfectly serviceable couch from craigslist.

        Your argument is flawed however if you apply it to a living animal. So, the OP might have $1000 that she could (unlikely) invest at 6% however could very likely use to downpay and existing debt, which could be at 6%. If she uses that $1000 to pay down debt that she has at 6% then she saves $60 by the end of the year. However, if she uses it to buy a horse, who she then has to board, pay vets bills on etc you could conservatively estimate that she spends $2500 (assuming she keeps at home etc) in a year.

        So the difference is not your couch analogy of being $50 better off, but in fact my analysis of being $60 better off vs $2500 worse off - therefore $2,440 worse off.
        I was thinking just that, a couch won't be eating and needing vet care thru the year like a horse will.

        In reality, owning a horse is a very big luxury for anyone.

        How about spending some money in getting riding lessons while your horse heals?

        That would also be one option and that should not be too hard on any budget.

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        • #24
          I would never buy a horse that I didn't have the cash for. The second you bring it home, it's going to put a leg through the fence and cost you thousands in vet bills. Especially if you are in credit card debt already.

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          • #25
            So, the owner isn't in sell mode ... and the horse has been all over the country ... and you have been riding him.

            Approach the owner for a lease with option to buy, later.

            You could do a paid lease, with the payments to be put toward the purchase price, even, or something creative like that.

            But, if you could offer this person a good home for the horse, with no board or training payments, I think they might be interested, especially over the winter.

            Call it an extended trial, if you will. Get him insured, though.

            Comment


            • #26
              Originally posted by morganpony86 View Post
              I would never buy a horse that I didn't have the cash for. The second you bring it home, it's going to put a leg through the fence and cost you thousands in vet bills. Especially if you are in credit card debt already.
              But, she's paying off all the debt, ergo she will have money so then in theory, because she can afford the vet bills the horse will remain unscathed. Isn't that how it works? (I don't know because with $50,000+ in student loans, I won't be debt free until I die.)

              Comment


              • #27
                Have you tried bargaining? From the seller's point of view, cash in pocket now is better than potential more cash in the future. Besides, the longer the owner is paying for the training and boarding of this horse, the less net profit she will get with the same amount of price.

                I once purchased a $30,000 horse for $13,000. That was all I could afford, but I had cash in my hand ready to hand over if they accepted my offer, which made it much harder for them to reject it. They had to sell, and like I said, the longer the waited, the less money they would end up getting, so they accepted it. This does not happen every day, but I would not hesitate to bargain so the final price is more toward your budget. And honestly, you may have to extend your 2 year debt free plan to say 3 years or more....

                Also, unless the owner will absolute not compromise on the sell price, I will not ask for lease just yet. And here is why: assuming you really want to own this horse, the moment you offer to lease him, they no longer have the pain of paying for boarding and training, which goes against your best interest because they now have one less incentive to sell him.

                Comment


                • #28
                  If you've been riding the horse for a couple of years, have a good relationship with the owner or your trainer does, and have a sizeable down payment like you do, I'd negotiate with the owner about the price and a payment plan. Since you know the horse so well and they know you have the means to take care of it and really seem to like it, maybe they will work with you to get the horse into a nice home.
                  *Wendy* 4.17.73 - 12.20.05

                  Comment


                  • #29
                    ditto the ones who say you could probably work out some kind of bargain that is favorable to both parties.

                    Lease to own is always an option, as is trying to talk them down a bit to meet somewhere in the middle.

                    I think options like these would work out well in your favor because you've already been riding the horse and its been going very well (if the owner is concerned about horse going to a good home) and your trainer sounds like they have a relationship with the seller.

                    Good luck! I agree though, if its meant to happen, it will happen

                    Comment

                    • Original Poster

                      #30
                      I just wanted to update because I feel like I am getting to closer to being able to purchase him! I have been saving and have acquired quite a bit towards his purchase. My sneaky trainer, sent a picture of me and the horse to the owner and explained my situation. Trainer will give up commision if I purchase the horse since I will continue to train with her and she would be able to show him some. The owner really wants me to have him, has come off the price some and offered to take him off the market until I can pay for him! I told trainer not to since nobody is really asking about him but I may be prepared to offer for him after the first of the year! SQUEAL!!!!

                      Comment


                      • #31
                        That sounds great! There are bargains to be had out there, for sure. Hope it all works out for you...and the horse...and the sellers. Win/win/win.

                        Comment

                        • Original Poster

                          #32
                          Well I have been working my tail off and should have enough for him by February! However, my trainer has become very worried about his hocks so we are vetting him Tuesday. If he checks out ok, I will continue to plan on purchasing him. If he has major issues, I will keep looking. Fingers corssed!!!

                          Comment


                          • #33
                            Good for you!! I hope his hocks are a non-issue and you get to enjoy many years with your new horse.

                            After reading thru your thread I was going to suggest that you talk to both your trainer and the owner and make an offer. I tried a horse about 5 years ago that was out of my price range but I didn't know that when they suggested I try him.
                            Of course he was one of those horses you immediately feel right at home on and was very disappointed that he was more than I had to spend. When I mentioned to my trainer a couple of weeks later (still looking for a new horse) he said I should of made an offer.
                            Long story short, bought another horse but this horse always haunted me.

                            Follow your heart if you can make it work.
                            "The greatness of a nation and its moral progress can be judged by the way its animals are treated." --Ghandi

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                            • #34
                              This is great news! Im glad things are working out.

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                              • Original Poster

                                #35
                                He passed the vet check!!! WHOO HOO!!!! I think he will be mine as soon as my taxes come in! YAY!!!

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