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In the World of Warcraft, 40 is a magic number. Once you hit this level you get access to a 31 point talent, which usually does some pretty nifty things for your class. You really start specializing into your role as a healer, tank or DPS character. The best part about 40 is getting your fancy new mount. Once you get used to traveling the world on you pony (wolf, nightsaber, raptor, ram, etc) it can be really hard to go back to hoofing it on foot.
First you have to be prepared to get your mount. Warlocks and Paladins have it easy, they are given class mounts that they can train like any other spell or ability. These mounds have the same speed boost as the mounts for purchase, but they look really friggin' cool. The rest of us have to open up our wallets quite a bit for the right to ride. That's alright, Warlocks and Paladins are in for quite the challenge if they want their epic class mounts. Here are the standard racial mounts:
Mount Race Faction Trainer Location
Horse Human Stormwind Eastvale Logging Camp, Menethil Harbor, Southshore, Theramore Isle
Kodo Tauren Thunder Bluff Bloodhoof Village
Mechanostrider Gnome Gnomeregan Exiles Steelgrill's Depot
Nightsaber Night Elf Darnassus Cenarion Enclave
Ram Dwarf Ironforge Amberstill Ranch
Raptor Troll Darkspear Trolls Sen'jin Village
Skeletal Horse Undead Undercity Brill
Wolf Orc Orgrimar Valley of Honor
Elekk Draenei The Exodar Exodar Entrance
Hawkstrider Blood Elf Silvermoon City Silvermoon Entrance
You may purchase mounts from other races in your faction by gaining in an exalted level of reputation. Beware though, Tauren characters are limited to mounts that can hold them, and Mechanostriders only carry Dwarves and Gnomes.
Mounts themselves are cheap. You can expect to pay about 10 gold for one from your racial mount vendor. The expensive part is the riding skill. At level 40 it will run you in the neighborhood of 70 gold. You can up your skill at 60 for about 500 gold, then again at 70 (to learn to fly) for about 900 gold. Epic flying skill puts a serious dent in one's piggy bank at about 5,000 gold. The first two ranks of riding can be purchased at a discount from your riding trainer provided you've leveled up your faction with them. Ranking up in riding skill offers you access to faster mounts. You do have to buy a new mount, an expert riding skill will not make your level 40 mount move any faster.
Skill Level Cost Type Speed Boost
Apprentice Riding 40 90 (81 Honored) Standard Land 60%
Journeyman Riding 60 600 (540 Revered) Epic Land 100%
Expert Riding 70 800 Standard Flying 60%
Artisan Riding 70 5000 Epic Flying 280%
Saving for a mount is often a primary concern for players. For most people who already have level 70s the cost of the regular riding mount on an alt is usually a drop in the bucket. Many players are still challenged by the cost of acquiring their epic flyers. As you near level 40 or 60, take a look at your cash flow. You may need to make adjustments to your spending and selling habits to make enough for your mount. Auctioning off the spoils of gathering skills (herbalism, skinning, and mining) can help new players secure the funds necessary for a shiny new rides.