Horse owners nationwide vastly underestimate the lifetime cost of caring for a horse, which ranges from nearly $300,000 to $924,000, according to a new Synchrony study, “Equine Lifetime of Care.”
While 83 percent of horse owners say they are prepared for expenses, the actual costs may reach three or even four times higher than they expect. According to Synchrony’s Equine Lifetime of Care report, costs vary depending on the horse’s role:
· $575,000-$1,000,000 for competitive horses
· $295,000-$400,000 for recreational horses
· $215,000-$290,000 for backyard horses
On an annual basis, the all-in costs for owning a horse range from around $8,600 to $26,000 per year, not including events or operating expenses.
“Many might expect experienced horse owners to be the most financially prepared for the lifetime commitment of raising a horse – whether it’s a competitive, recreational, retired or backyard horse – but often that’s not the case,” says Mike Pownall, equine veterinarian. “Helping horse owners clearly understand the full financial commitment and the financing options they can rely on from the very beginning can give them peace of mind that they are ready to manage the cost of the lifelong care their horse needs, easing the financial stress for both the veterinarian and the owner.”
The study, conducted on behalf of CareCredit, a Synchrony financing solution for veterinary care, investigated an exhaustive list of horse expenditures, including food and nutrition, boarding and grooming, farrier services, tack and gear, breeding, routine and emergency veterinary care, end of life care, and more, over a horse’s lifetime, which is averaged at 25 years. The findings from 1,231 U.S. horse owners and nearly 30 equine veterinarians, found that while horse owners often financially prepare for food, boarding and gear, they tend to overlook critical components of veterinary care, such as colic treatment, broken bones, and eye issues — which could cost as much as $10,000.
The Equine Lifetime of Care report also indicates that horse owners typically start experiencing stress when an unexpected invoice reaches $1,500. To that end, more than eight out of 10 horse owners surveyed would apply for a credit card that specifically helps finance veterinary care.
“Nearly all horse owners keep their horses for life – which can be as long as 25 years. Yet, the true cost of care is consistently underestimated, and many horse owners aren’t financially prepared for care-related expenses,” says Jonathan Wainberg, senior vice president and general manager at Synchrony. “With the Synchrony Equine Lifetime of Care research, we aim to better educate, inform, and prepare horse owners for what to expect financially, so they have the tools they need to make that lifetime commitment and better provide their horses with the care they need.”
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