WoW Patch 1.12.1 was released today, and that patch is supposed to include the mount changes. Here’s a copy of a community moderator post explaining the changes (I’m bolding the parts that are particularly relevant to you).
Because I keep seeing these questions pop-up, and because some of my previous answers have been lost to the forum monsters I’m going to post the info I currently have regarding the mount changes. This is how the mount changes work as I understand it, they may change before 1.12.1 goes live.
After 1.12.1 goes live there will only be one riding skill that will work with all mounts. The skill currently has 2 ranks Apprentice(75) and Journeyman(150).
# Apprentice(75) skill will be required for all superior(blue) level 40 mounts, the Rank 11 PVP mounts and the superior(blue) AQ40 mounts.
# Journeyman(150) skill will be required for all epic(purple) level 60 mounts, the AV faction reward mounts and the epic dropped mounts (Deathcharger, Raptor etc.).
# Warlocks and Paladins who complete their mount quests will be given Apprentice(75) and
# Journeyman(150) upon completion of the quests.
# All mounts will be bind on pickup and have a level requirement.
# Purchasing a non-racial mount will require exalted reputation with that faction.
When the patch goes live the following changes will take place:
# Characters who have a mount in their inventory(backpack or bank) will be granted the skill level necessary to use it.
Apprentice Riding Skill requires level 40 Journeyman Riding Skill requires level 60
# Players with the Rank 11 PVP mounts will be granted Journeyman(150) skill.
# Players with Riding skill but no mount will be granted Apprentice(75) skill.
# Paladins and Warlocks who have already completed their level 40 and level 60 mount quests will be granted Apprentice(75) and Journeyman(150) respectively.
# Mounts in the mail or on the auction house at the time 1.12.1 goes live will not grant skill to anyone, so I would suggest making sure you have mounts in your inventory or the bank.
What this DOESN’T tell you is what the new mount cost is.
Level 40 mounts are going to be 10g.
So replacing your lost Kodo isn’t going to suck so badly after all.