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For a much better deal, you can buy a few Spirit Totems of the Wolf at the broker.
However, you'll look really silly riding around on a totem!
Seriously, you do save a bunch of money by not purchasing a horse, but horses are pretty cool looking! I have never regreted the purchase of either of the ones that I have gotten for my two mains.
Regarding the savings from purchasing with guild status, I did the math in a thread here (it's around here somewhere, I swear!), and the end result was that it was easier and cheaper in the long run to just pay cash... quicker too!
I earned the scratch for both my nags through crafting. I maintain a tailor, a woodworker and a cook and have made buckets of cash by making durable and consumable goods with the raws I harvest.