If you are considering buying a new horse, consider the OTTB (off-track Thoroughbred). Why is an OTTB a good deal? They are typically still young. Thoroughbreds start racing as two-year-olds and don’t race much past five unless they are highly talented.
However, be sure of your riding level before retraining an ex-race horse. While OTTB’s are used to being ridden, they are not use to being ridden with conventional riding aides. First of all, OTTB’s expect to run each time they are saddled up. -And don’t even think you’ll control their speed by pulling back on the reins. To race horses, pressure on the mouth means GO FASTER! Also, most OTTB’s don’t know about weight aides, leg pressure, being on the bit or bending. Retraining an OTTB is different than training a young horse – in fact, there’s probably more untraining done than training. So find a trainer who knows how to communicate with these horses.
Finally, no matter what the cost of the OTTB, remember there’s no such thing as a “free horse.” Absolutely get a vet pre-purchase exam, including x-rays.