Peloton Is Launching Its Own Resale Platform, and It Will Be Much Better Than Facebook Marketplace
This week brought some exciting news that excites not only me as a devoted Peloton user , but also someone with a well-documented obsession with buying and selling stuff on resale platforms : Peloton is launching its own marketplace for used fitness equipment. Called Repowered , it currently allows users to list their bikes, treads, and other gear, and will soon allow buyers to buy them.
How Peloton Works: Repowered
When you land on the Repowered website, you are greeted with a welcome message and information that the site is “currently open for listings only, with the ability to purchase items coming soon.” You are asked to enter your email address if you want to be “the first to know” when the marketplace actually goes live.
Listing your equipment
You can start the process of listing your Peloton gear now — after all, the site needs inventory before anyone can buy anything. You can list a bike, treadmill, or rowing bike, but only if you’re in the Boston, New York, or Washington, D.C. metro area. You can also list smaller accessories, no matter where you live.
You will be asked to enter the serial number of your device if you are selling one of the larger devices. For smaller items, such as weights, you can use the search function to enter your item. You will be able to set your own price, but the site will suggest a price based on the information you provide, such as age, condition, etc.
Actually selling your stuff
Once you’ve listed an item and the marketplace is officially open to buyers, you’re responsible for arranging pickup with the buyer or scheduling a delivery. Accessories and smaller items can be shipped separately, similar to how it works when you sell something on, say, Poshmark or Depop . From there, you get paid.
Plus, when you sell on Repowered, you get up to $600 off a future Peloton purchase. Essentially, if you’re thinking about, say, upgrading from a Bike to a Bike+, you can sell your Bike and get a discount on a newer model. Here’s what you get for each product when you sell on Repowered:
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Bike+: $400 off
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Tread: $200 off
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Tread+: $600 off
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Line: $200 off
Because the platform is so new (and not fully operational), it’s unclear exactly how you’ll get paid or how much people are listing their items for. You will, however, get 70% of your earnings, which is a decent split. When I sell on Poshmark , I keep 80% of my selling price. When I sell on Depop , I keep 90%. There, however, I sell clothes and small electronics — items that don’t have a big price sticker. For something like a high-tech home exercise bike, 70% seems like a pretty decent split in my professional opinion, not to mention a discount on a new Peloton purchase.
Why this is a great option
There are two main reasons why this may be more profitable than buying or selling on another platform, such as Facebook Marketplace.
First, you never have to worry about fraud because Peloton coordinates the sale itself, and every part of the transaction happens in the app. Second, as long as you’re in one of these core markets, Peloton handles the delivery, just like they do with their new and refurbished products. You can schedule pickups directly with buyers and sellers, but the platform will only provide a general radius of the product’s location. If you’re selling, that means no one will ever know your address, and you have the freedom to meet in a public place within that radius.
Repowered is in its early stages, but it could fill a gap in the market by providing a reliable source of home fitness equipment for those who might otherwise find the cost prohibitive. Peloton announced that the activation fee for used equipment has also been reduced from $95 to $45. The full membership required to attend classes and use the devices to their full potential is still $44 per month.