Buy or lease a horse

Buying is the obvious way to get a horse, and often the right one. But a lease can get you the same horse for a year, at a fraction of the price, with a way out if life changes. Many riders lease first and buy later, once they know what they want.

What a lease is

A lease is an agreement to ride and care for a horse you do not own, for a set time, usually a year. The owner keeps the horse; you get the use of it. There are two common kinds.

• A full lease: the horse is yours to ride and show for the term. You pay board, farrier, routine vet care and often insurance, plus a lease fee, typically a quarter to a third of the horse's value per year.
• A partial or half lease: you share the horse with the owner or another rider on set days, and share the costs. Common at lesson barns and for riders with one or two days a week.

When to lease

Lease when you are still finding your level, when you want a schoolmaster you could not afford to buy, when a junior rider will outgrow the horse, or when your plans might change in a year. Lease when you want to try a discipline before committing.

When to buy

Buy when you know the horse you want and expect to keep it for years, when you want a say in its training and care, and when the numbers work: a purchase is a one-time cost, a lease is a yearly one, and after three or four years of leasing you may have paid the price of the horse.

Buy when you want the record to be yours. On Foalioo the record stays with the horse and passes to you at sale, so a bought horse arrives with its history.

What to put in writing

Whether you lease or buy, write it down. For a lease: the term, who pays what, where the horse lives, who can ride, what happens if the horse is injured, and how either side can end it. For a purchase: the price, the pre-purchase exam, what is included, and when ownership transfers.