1) I have a "kill pen" mule. You can go straight to your local auction and outbid the kill buyers (the guys or gals buying everything under $300 -sometimes way less- or so). You, and hopefully your trainer or trusted experienced horse person, can walk through and ask questions before the horses are run through the auction. One the kill buyers buy them, the will try to flip the pretty/sound/sob stories for up to 10x the purchase price. Remember every dollar you spend to get a horse "off the truck" can buy three more direct ship horses who you will never see posted on the "ThE TrUcK Is CoMiNg" sites.
Oh, and remember that horses end up at auctions for a reason. Those reasons can be career ending, injuries temperament or training, or sometimes bad luck. The plus side is that for relatively little money, you fully own a horse to do with what you please. There are some diamonds in the rough. I have quite a few horses in my barn that I found through less conventional means... but only the mule was a "kill pen" purchase.
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2) If you are a novice horse owner or rider, always buy a horse that you can ride today. Too many people buy a horse to grow into and end up being overworked, getting scared and quitting horses. Anyone buying their first youngster should be working closely with a trusted mentor or trainer. Remember, putting a solid foundation on a youngster is the best insurance you can give your horse in life.
3) Work with a trainer to answer this question. Remember it costs as much to feed/shoe/care for a nice horse as a problem horse.
4) The biggest drawback for most adoptions is the lack of ownership, so it is actually more of a longterm lease. That may work for some people, but as a horse trainer I put training on horses to sell to good, appropriate homes. I have no interest in putting training on a horse that I do not own. But that's me. To each their own.
Signed,
USDF Silver medalist, USPC instructor, WDAA Train-the-Trainer grad
Attached is Ruth Brayder Ginsburg, former kill pen mule.