I've been thinking about leasing a pony. She's not actually up for leasing but I have no doubt her owner will let me. I'm almost too big for her but I can still ride her, which looks hilarious.
What are the pros and cons of leasing? Are there any better options?

Edit: please ignore. The barn is closing down, so I won't be able to lease her.

Definitely talk to the owner about it. Leasing can be a brilliant insight into horse ownership without the commitment- especially since it sounds like you'll be outgrowing this pony soon anyways!

I've never leased a horse before, but I do think there's a lot of cons. While you wouldn't be responsible for all the expenses, you're also limited a lot. If you get doing really well and want to go on like a long trail ride off site, it can be a hassle to get permission and transportation for the horse to go. If someone else is riding the horse, you have to work around their schedule so the horse doesn't have to work too much in one day. If you suddenly have to move, the horse can't go with you, and I'd have a hard time spending money on tack specifically for a horse that I don't enough own. On the plus side, a person can lease a way better horse than they can afford to buy. It's also a great way to sample horse ownership and not have to go through the process of selling the horse if you don't enjoy it or can't afford it. I wouldn't want to lease a horse because I sometimes decide I want to go on a trail ride and I just go for a few hours. I don't want to commute multiple times a week to see a horse that I don't even own. If I did lease, the kind of horse I want would be way thicker than my tall barrel horses, and I don't want to drop a thousand dollars on a saddle and everything for a horse I'm only riding temporarily. If you're just starting out and want to learn to ride, leasing can be a great option. If you want to just ride when you feel like it and go to shows for fun on a whim, it's way easier if you own your own horse.

Leasing is an excellent option, so long as the terms of the lease meet your needs. All of the leases I've done have been free leases where I/my family took on all of the horse's expenses and had exclusive access to it, but paid no monthly fee. Its essentially like owning the horse without the upfront cost of purchase, and the ability to easily get return the horse to the real owner. Other people-- particularly the less experienced or those with fewer resources-- benefit from more structured leases. The owner may still have 2 or 3 days a week when it is their turn to ride the horse, or there is cost-sharing on things like board, vet, farrier, feed, etc. There may be restrictions on taking the horse off the property, or there may not. A contract should be drawn up that clearly delinates the rights and responsibilities of both you and the owner. I would highly recommend leasing before you even think about buying a horse (unless you already come from an experienced horsey family) so that you can get your feet wet. Horses are harder to get rid of than most people realize, and they seem to be even harder to get rid once you've realized that they are unsuitable for you!

leasing is a great thing!! I know people who's leased horses stay at their barn, (as it is a full lease) and such like that. Alot of lesson barns have leases on their horses (often half lease, you can hack/trail 3 times a week) but let you use the saddles and other tack you need and would use in a lesson. I support leasing (esp. in english) alot as it saves you from buying and selling a bunch of horses when you move to higher levels. plus it is quite cheaper then buying a horse.

I personally, hate leasing. Don't let me turn you off, you should still do it, just be careful.

What turned you off leasing?

Agreed. My experience has been that the horse always comes with strings attached and it's a constant headache to deal with the owner.

Well, you become responsible for this other person's horse, so condition and injuries are blamed on you. Leasing from a friend isn't always the best idea. I leased this pretty Palomino AQHA gelding from this lady who collected Western Pleasure AQHA and just let them sit. We got him jumping and dressage and he was going well, until the lady decides that she didn't want him jumping or being ridden at all, got super pissed at us and took him away. People care about there horses and have many reasons for leasing, wether it be no time or new horse, if something happens to the lease horse, (skinny, injury, vice) the owner isn't going to be happy, and it's going to be your fault. Horses always come with strings and instructions and it's just a pain.