Forbury Rd resident Fred Shield said he was at his letterbox when he heard a loud noise, and watched in amazement as a wheel came off a passing horse float and then its drawbar snapped in half.
The horse float, with two startled horses inside, then swerved to the left and crashed into a late model Mazda, shunting the parked car against a brick wall, Mr Shield said.
Seemingly oblivious to the unfolding drama, the driver of the towing 4WD travelled down the road several hundred metres before returning to the scene, he said.
The two horses were "jumping up and down" during their unexpected ride, but calmed down after the incident, he said.
"It was just lucky no-one got hurt."
Mr Shield said the driver was lamenting how his car insurance had just run out, as he waited for another horse float to arrive from the nearby Forbury Park raceway.
Police were called to the scene at 11.10am, and were investigating what caused the incident, Senior Sergeant Brian Benn said.
The horses were not hurt in the incident, he said.
