The Cost of a Pet is Now More than $48,000

One of the most controversial posts ever here at Free Money Finance was when I wrote that the cost of a pet is $48,000. You would have thought that I said something blasphemous from the reaction.

But never one to shy away from controversy (actually, I kind of like it), I thought I'd post again on the latest trend that makes owning a pet EVEN MORE expensive.

Here are the details. First, from Business Week:

• "The latest craze among dog fanciers: Poodles crossed with other breeds. Make room for doodles, the latest designer dogs -- a mix of a poodle with another breed. The most popular hybrids are goldendoodles (golden retriever mix), Labradoodles (Labrador retriever), schnoodles (schnauzer), and cockapoos (cocker spaniel)."
• "Aside from their shaggy good looks and friendliness, doodles are in demand because they usually don't shed. But 'there's no such thing as a hypoallergenic dog,' says Susan Chaney, editor of Dog Fancy. 'A lot of these dogs simply have less dander.' "
• "Compared with other breeds, doodles are a relatively new phenomenon. While cockapoos and schnoodles have been around for several decades, Labradoodles were first bred in Australia as guide dogs for blind people with allergies in the 1990s. Goldendoodle varieties quickly followed."
• "Doodle pups fetch pedigree prices -- anywhere from $400 to $3,000."

And not to be outdone, Money had a 4-page spread on the topic in its August issue. Key points:

• "A goldendoodle has the potential to be more relaxed, shed less, have great hips and skin and be hypoallergenic -- the perfect dog."
• "Perfect dogs are pricey dogs, however. The new mutts cost every bit as much as their purebred ancestors, and many breeders and stores nevertheless maintain long waiting lists."
• "Labradoodles (Labrador plus poodle), for example, can fetch $2,500. That's a lot of money, but people seem to be willing to pony up for a dog that won't leave its coat everywhere around the house. Plus, there's an element of fashion to the new mixes -- having the first Labradoodle on your block is a little like owning the first Prius."

Money also has some suggestions in case you're thinking of buying one of these:

• Find a good breeder -- The best first step is to go online. The breeders are all there, and once you find a few who sell the kind of dog you want, ask for as many references as they have and call every single one.
• Meet the parents of your potential dog -- Or at least inquire about their heritage. According to the AKC, the basic definition of a purebred dog is one that has at least three generations of purebred parentage. Even if you don't give a yap about AKC regulations, the ancestry issue is worth considering because it's the link to what many people believe is the problem with mixes: inconsistency. Purebred dogs fetch high prices because they tend to have all the traits the breed is known for, and healthy purebreds produce the best mixes.
• Get a guarantee -- For any dog, but especially a mix, ask for a one- or two-year money-back guarantee. This may sound cold -- we're talking about a warm ball of fluff that sleeps on your pillow, after all -- but 15 states now have puppy lemon laws for good reason.

My advice: minimize the number of beings in your household that eat. Assuming you want to keep your kids, this means careful contemplation of what a pet requires and costs before getting one.

Comments

[Flexo]

You didn't mention my favorite mutt, a yorkipoo. (I noticed this craze sometime last year but only made a short mention on another blog.)

http://www.fiveandtwenty.com/spike/?page=a/2004/01/22/dogs.php

[savvy saver]

Flawed logic... Just because some people spend exorbitant amounts of money on pets doesn't mean owning a pet is getting more expensive. It's similar to the wedding expense posts. Ms. Princess spends $250,000 on her wedding and raises the average, but that doesn't affect the cost of my wedding. Yes, there is potential to spend more, but the true cost doesn't change.

No matter how much someone spends on their labradoodle, you can still buy a dog for $80 at the humane society. Wait a year, and you will likely be able to pick up a designer dog if you really want one. Throw in $30/month for food, and about $50/month for medical expenses, and you have a cheap exercise buddy and companion.

[FMF]

Readers --

See the post above from the Savvy Saver.

See, I told you it was a controversial subject. ;-)

FMF

[Greg]

As important as it is to control expenses, I'd argue that it is a mistake to ignore that true wealth in life comes not only from saving and accumulating, but also from the act of giving. Our dog cost only $10 from the pound, but her unconditional, unlimited love combined with the knowledge that we've given an unwanted animal a good home has a value beyond simple quantification.

[Alex]

Setting aside for the moment the cost-benefit analysis of owning a pet, I don't see how the content of the post even supports the thesis. How does the existence of a new variety of overpriced designer dogs make owning a pet _in general_ more expensive? It seems like the introduction of more suppliers, even expensive suppliers, should shift the supply curve, and therefore the average market price one would expect, _downward_.