A Synchrony/Care Credit study published in April 2023 estimated the lifetime cost of horse ownership ranges from $300,000 to $924,000 <Link>. The lifetime costs of owning a horse can be four times higher than expected <Link> and calculating costs can be complicated. Pat Raia shared ways to budget and learn about the cost of owning a horse in August 2023 <Link>.
Digging into the Equine Lifetime of Care Study data, EquiManagement and Care Credit published a 36-page special edition positioned to help veterinarians and their teams to better understand the costs of caring for a horse and prepare owners to proactively manage veterinary-client relationships and be ready to pay for care that ensures quality horse care. .
Source: EquiManagement, March 13, 2024. Link. According to the 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.”
INSIGHTS: Resources like this special edition are worth reviewing as a veterinary team. Those discussions can help ensure the whole team has a level of concordance and therefore presents a unified message when dealing with horse owners and their animals.