A children's ride-on vehicle (10) that simulates a horse-drawn carriage. The vehicle (10) includes a carriage section (12) adapted to support a rider, and a horse section (14) coupled to the carriage section (12). One or more wheels (20, 74) are coupled to the cariage and/or horse sections. In one embodiment, the vehicle (10) includes a rein assembly (68) configured to allow a child to steer at least one of the wheels (20, 74). In another embodiment, at least one of the wheels (48) is configured to impart a vertically reciprocating motion to the vehicle (10) when the vehicle (10) is moving. In another embodiment, the vehicle (10) includes a sound generation system (94) to simulate noises produced by a horse.