What to Consider Before Buying a Used Peloton
When my cheap Amazon spin bike broke down, I felt like I should upgrade to something better. But even though I had already followed the Peloton videos (on their app), I thought that getting a real Peloton was out of reach. But the cost of good spinbikes starts in the triple digits, and it turns out that pelotons can be rented or even bought used. So my search for a cheap Peloton began, and in the end I bought a used model, which I am very pleased with.
Mine was $950 in a Facebook marketplace sale last year, and if I had taken the time to shop around and negotiate for more, I could probably find it cheaper. (Used pelotons seem cheaper now than they did back then.) But before I could find a bike to trade for money, I had a lot of questions to answer. I will take you on a tour of the shopping process.
What is the difference between Peloton Bike and Bike+?
Before you start shopping, you need to know if you want to look at Peloton Bike or Peloton Bike+. A bike is what you probably think of as a regular Peloton; The Bike+ costs about $1,000 more (new) and has a few extra features. (I knew from the start that I wanted a regular bike.)
Here are the product pages on the Peloton website if you want to check out the full specs:
- Original Peloton bike
- Peloton Bike+ with swivel screen and autoresistance
The biggest differences between the two models are as follows:
- Bike+ has a swivel touch screen so you can do strength training or yoga next to the bike (instead of standing behind it and craning your neck to see through the seat). However, your All-Access membership also allows you to watch strength and yoga classes from your phone or other device, so that’s nice but not necessary.
- Bike+ can automatically adjust the resistance as you follow the lesson. On a regular bike, you’ll have to listen to the instructor tell you what resistance to use and turn the knob yourself.
- The Bike+ has a slightly larger touchscreen (24 inches vs. 22 inches) and a nicer audio system.
- Bike+ works with Apple GymKit so you can use your Apple Watch to record your workout data while you ride.
Do I need to pay a subscription fee to use Peloton?
Peloton bikes are designed to be used with an All-Access subscription that costs $44 a month and gives you access to all types of activities, scenic rides and Lanebreak rides (Lanebreak is a video game you play while riding your bike). An All-Access subscription also gives you the ability to attend classes from the Peloton app on your phone or other devices.
If you don’t have a subscription, you can still use the bike in Just Ride mode, which shows a simple black screen with the main metrics: cadence, resistance, power, and time. So if you just want to work out but don’t care about consuming Peloton-branded content, you can still do it.
What is more profitable: used, new, refurbished or rented?
All prices we discuss in this section are valid as of Fall 2023 and are subject to change. The prices below are for a regular bike; there is also a Bike+ model that costs more.
- Used Peloton bikes vary greatly in price and quality. Some are used with care and come with accessories; others may be cheaper but have significant wear and tear. I see asking prices ranging from $500 to $1000 for the standard Bike and $1150 to $1700 for the Bike+ (subscription not included, of course).
- The new Peloton bikes are $1,445 for the bike alone, or $1,650 for the “starter” package, which includes shoes, hand weights, a water bottle, and a mat. (Bike+ costs $2,495 or $2,700 with the Starter Pack.) Both options include shipping and installation, as well as a 12-month warranty. They don’t include the $44/month All-Access subscription you’ll need to attend the platform’s famous video tutorials.
- Peloton Bike rentals are $89 per month plus a one-time $150 delivery and setup fee. The rental includes a pair of cycling shoes and a subscription fee for video content. There is also a guarantee for the entire subscription period.
- Peloton- certified refurbished bikes used to cost $1,145, though only Bike+ models are currently available. They cost $1,995, a whopping $500 less than a brand new Bike+. Otherwise, the conditions are the same as for new bikes: warranty and shipping included; your full access subscription is not.
As you might expect, used bikes are cheaper than refurbished bikes, and refurbished bikes are cheaper than new ones. Where does rent fall? We need to count a few more numbers to see.
Is renting a Peloton better than buying new or used?
I was thinking about renting even before I started buying used bikes. If you don’t know if you need a Peloton at all, or if you’re planning on moving soon, renting may be worth it; Peloton will send someone to pick up your bike for free if you decide you no longer need it. The rental car can be new or refurbished – Peloton sends you everything they have, although they promise it’s in good condition, even if it has a few dents or scratches. There are “Bike” and “Bike+” options. Below we will discuss the prices for a regular bike.
You have the option to buy a rental at any time and the price varies depending on how long you rent. If you decide to buy the bike at the time of delivery, it will set you back $1,295. By this point, you’ll have already paid $150 for shipping and possibly $89 for the first month’s rental, which means the bike is actually worth $1,534 – similar to the full price of a brand new bike. (Keep in mind that your rental bike can be either new or a refurbished model that sells for less.)
Over time, the deal stays about the same. After a year, the buyout price will be only $895, but you will already pay $1,218 in rent (including shipping costs). It’s a $2,113 bike, even though you’ve been saving $44 a month on an All-Access subscription all along. With that in mind, you paid the same amount in total as if the bike had originally cost $1,585.
Thus, buying a new bike at full price will cost you a little more than renting and buying back a rented one. The calculation is biased in favor of buying a new one if you managed to catch a sale on the bike or if you overpaid your rent because you didn’t look at the buyback calendar. For example, the buyout price is $895 at any time between 12 and 24 months of rent, so it is much more profitable to buy a property at 12 months than at 23.
If you’re not sure if you’ll need a bike in the long run : rent one and take advantage of free pickup when you’re done with it. If you like it, you can redeem it at one of the price cuts that come in three, six, 12, or 24 months.
If you are confident that you will keep your bike for years to come : choose new, refurbished or used, depending on your preference.
Are used Peloton bikes worth it?
I ended up buying mine used, so I can say: definitely. But it depends on several things.
First, resale prices are high, which is both a plus and a minus. Sellers know that what they have is in demand, so they’re not going to list a $100 bike online when they know similar bikes sell for around $1,000.
But on the other hand, if you buy a used bike for $1,000 and decide you don’t like it, you can turn around and sell it for the same price. That was a big part of my calculation: a used bike doesn’t depreciate instantly like a new car.
However, in addition to price, there are two other factors you can consider that will affect how good a deal you get if you buy a used car.
Used bikes are not covered by the warranty.
New and refurbished bikes are covered by a 12-month warranty that covers the touchscreen, parts including pedals, and labor to replace them. If something breaks, you just contact support and they will send someone to fix your bike.
The warranty does not transfer to new owners. So even if the original owner owned the bike for less than a year, you won’t be able to take advantage of the remaining warranty time.
However, if the original owner purchased an extended protection plan, which can last up to four years in total, it can be transferred. Only the original owner can purchase this plan, and only during the first year of bike ownership; you won’t be able to buy one yourself if you’re buying a used bike. If you’re buying used bikes and the owner submits a protection plan, be sure to get an order confirmation number and don’t be surprised if the asking price is a little higher than other used bikes, including the owner’s additional costs.
Without a warranty or protection plan, you will have to bear any repair costs, including labor. I had to replace the bearings on the bike shortly after I received it; I think I paid Peloton about $45 to send me the part I needed. Luckily, it was easy to install. On the other hand, if something goes wrong with the touchscreen, it will cost $375 to replace, not counting labor.
Used bikes have wear and tear
A bike is a collection of moving parts, and if you love your Peloton, you will get many miles on it. This means a lot of wear.
Peloton bikes are generally pretty durable and bikes indoors don’t accumulate as much damage as those you ride outdoors. But it’s still worth considering when you might need replacement parts. If you are buying a used bike, you should check the following parts for wear:
- The pedals should be replaced every year, according to Peloton, though most Peloton owners don’t seem to worry about it. (They certainly seem to have lasted a lot longer, but the company likely remembers their recall in 2020 in response to pedal failures that left some riders injured.)
- Speaking of recalls, the seatpost on all Peloton bikes was recalled this year because it could break. If you are buying a used one, make sure the owner gets and installs a new rack.
- The bearings in the center of the flywheel don’t last forever. You can expect them to last about a year of regular use, although this varies greatly. If a used bike is a few years old and hasn’t been replaced yet, it probably needs to be repaired. When the bearings start to fail, the bike will still run, but it will make a rattling noise while riding.
- Cosmetic damage can also be a problem. A used bike may have dents or scratches, frayed areas on the handlebars, and so on. Refurbished bikes may have minor cosmetic issues; when it comes to a used bike, all bets are off.
If I buy a used bike, how old is the bike?
Peloton only has two bike models, making the buying process easier. Original Bike and Bike+. Both have a large touchscreen that plays workout videos and displays your ride stats.
Models have not changed much over the years, with one exception. Generation 1 bikes are no longer supported ; the software on their touch screens will no longer be updated. These bikes have an orange power button at the top of the touch screen and were manufactured prior to September 2016. If you own a bike with this touchscreen and are a paying Peloton member (even if you weren’t the original owner), Peloton will give you a $350 credit for a new state of the art touchscreen.
As long as a used bike doesn’t have an old touchscreen, any model you buy used will be basically equivalent to the one on sale now.
Where can I find used Peloton bikes?
There are many for sale on Facebook Marketplace and Craigslist, and there are Peloton-affiliated Facebook groups that allow members to post bikes for sale. Check wherever you are looking for used items such as OfferUp and local Ebay search options.
As with any sale on these platforms, beware of scams. Don’t pay anything until you see the bike in person and are sure you want to buy it.
What to ask a used bike seller?
When you’re looking for a specific used bike, here are a few questions to ask to make sure you’re getting a good deal.
Are you the original owner?
Peloton recommends asking the owner to show you proof of the original purchase. They warn that rental bikes should not be sold, and if you buy them, you will not be able to activate a subscription to it. There’s nothing wrong with buying a bike that has had multiple owners, except that it’s harder to document where it actually came from.
This question can also start a conversation about why they are selling this bike and how well it has worked for them over the years. Which brings us to…
How many trips has this bike made?
There will be a difference in wear and tear between a bike that has been ridden multiple times and a bike that has been used for several hours each day. You don’t need to know the exact number, but it can be helpful to know how long the bike has been used.
The bike does not have an odometer, but you can see when it was purchased and how many rides the owner has made. (Their Peloton profile will list how many rides they’ve taken, but remember they may also have family members who ride too.)
Were recalled parts replaced?
Peloton Bikes seatposts were recently recalled. While adoption has been slow, most people should have received new ones by now. You can check if the seatpost is the latest type by looking at the lowest measuring line on the post .
While you’re at it, check for the orange Peloton logo on the pedals. If so, they were part of the 2020 pedal recall and should have been replaced.
This is also a good time to ask about renovations in general. Did anything break, and if so, was it fixed and when? Does the motorcycle have persistent problems?
Can I ride it?
Get on your bike (don’t worry about shoes yet) and pedal. Do they move smoothly, with no clattering sounds that could indicate bearing failure? Does the big red knob turn smoothly? Are there any chips or cracks on the screen?
Peloton also recommends that the adjustment levers and screws be checked for smooth operation and no signs of over tightening such as cracks. Make sure the power cord is in good condition and the bike is clean and well maintained.
How to move the peloton
If you decide to take your bike home with you, proceed with caution. These suckers are heavy , weighing about 140 pounds. Most of that weight is on the front flywheel, so keep that in mind when carrying it with a partner.
Peloton has a guide to moving bikes here . It’s important to note that you’ll need to remove the touchscreen first. I wrapped mine in towels and placed it in the front seat of the car; the rest of the motorcycle was left behind. They also recommend removing water bottle holders and the back cage that holds dumbbells. Lower the handlebar and seat to the lowest position and tighten all adjustment levers so that nothing moves during transport. I did not remove the pedals, but they say it is necessary.
How to transfer the Peloton to a new owner
Peloton recommends that you reset your motorcycle before it changes ownership. Go to Settings > System > Factory Reset. When setting up your bike at home, follow the on-screen instructions to register your bike and set up a new subscription.
If you already have a subscription to the Peloton app, be sure to cancel it; it doesn’t always happen automatically.
What else do I need to buy to enjoy my new bike?
You will need cycling shoes . They don’t have to be Peloton brand (standard Peloton shoes suck, to be honest), but they need Delta LOOK cleats to fit the pedals. However, if you prefer, you can change the pedals to different ones. If you plan to ride a lot, padded cycling shorts will also work for you.
Cycling classes at Peloton sometimes use small hand dumbbells; they should be included with your bike. However, if you want to do strength training, you will need larger dumbbells. Peloton makes its own brand of square-ended dumbbells, but you can use any dumbbells you want to buy in the store for training.
You can put a mat under your bike to protect the floor from sweat drops. You’ll probably also need a towel, a water bottle, and maybe a heart rate chest strap to sync with the bike (even my cheap strap syncs just fine).