Cost Reminder Issued For Potential Pet Owners
While owning a pet undoubtedly has its advantages, there are costs involved that are not always fully appreciated by potential buyers.
So claims Sainsbury’s Finance, which believes that many people make the decision to purchase an animal without calculating the financial investment that they will also be obliged to make over its lifetime.
The company says that cats and dogs can result in costs running into the thousands of pounds. It cites research conducted by YouGov in January last year, which extrapolated figures from answers provided by just less than 2,500 respondents.
The initial outlay involved in setting up home for a pet can be costly. While bedding, leads and other daily-use objects might seem cheap in isolation they can become more expensive when all needed at the same time. Add to this the more substantial costs involved in getting cats and dogs spayed or neutered, as well as ensuring they have all other standard medical needs addressed, and the not insignificant investment required becomes clear. However, for those who are concerned about such an outlay but confident that they can afford a pet in the long-term, an unsecured loan could provide the capital necessary to get the relationship underway.
Such consumers should be aware that after initial costs, their pet will continue to prove a drain on finances throughout its life. According to Sainsbury’s a three-year-old cat will costs 1,040 pounds over its lifetime while a dog of equivalent age will require a 1,585 pound investment. For animals living to a greater age, the costs are correspondingly higher - with a 20-year-old feline costing an average 11,103 pounds over its lifetime. While you might not be able to teach an old dog new tricks, owners need to recognise that they will continue paying for the old ones, with costs reaching 16,930 pounds over a 20-year lifespan.
Steve Johnson, head of pet insurance at Sainsbury’s Finance, said: “As the cost of owning a pet steadily increases, it’s important that owners and potential purchasers fully appreciate the financial commitment related to owning a cat or dog - this is rising at above the rate of inflation. Costs can also escalate as pets get older, as they often need extra medical care and attention.”
Unsecured loans might also be an appropriate means of raising initial finance when purchasing a pedigree animal. While a moggy or mutt might be available at no cost or for only a few pounds, sought-after breeds can require hundreds or even thousands of pounds of investment from new owners. Animal Planet Asia estimates that a pedigree golden retriever from a reputable breeder can cost as much as 2,000 US? dollars (1,000 pounds) while a purebred Siamese cat is likely to cost around half as much.
Meanwhile, the costs associated with pets extend beyond their direct care, according to earlier research by Sainsbury’s Insurance. Late last year it released statistics suggesting that more than 900,000 homes would be damaged by the actions of pets and children during the half-term week, potentially causing owners to seek out fast loans to repair damage caused during the holiday havoc.
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