If you really want to ride a Peloton bike but wish to do so on a low budget, buying a used Peloton bike is a great idea to go with.
As a result of the recent pandemic, people are beginning to turn to home workouts. Peloton has around 2.3 million paying subscribers as of 2022. Prices of Peloton bikes have also risen in response to increased demand, as occurs in every demand-supply curve. As a result, the thought of purchasing a used bike appeals to several fitness enthusiasts.
You can use a Peloton bike that has been used before. You can even keep the Peloton subscription that your bike seller has paid for. A Peloton bike's warranty, however, is not transferable. Furthermore, purchasing a used Peloton bike is fully at the buyer's risk.
Let's say you find a bike in really good condition for almost half the original price. What's there to lose? And if you can get the subscription and accessories too, it's no less than icing on the cake. Therefore, it is worth looking for a used Peloton bike if you are tight on your budget.
We approached Peloton's official website to learn about their policy on the purchase and use of second-hand bikes. Let's discuss the matter in more detail so that you can analyze the risks and benefits you'll get out of a used Peloton bike.
Does Peloton Sponsor a Marketplace for Used Bikes?
Due to the recall of Peloton treadmills last year, some people are confused about Peloton buying and selling their old treadmills and bikes. Let us clear the air. The treadmill recall was merely due to a fault on the company's side and not because they wanted to purchase and resell used equipment from the members.
Peloton has confirmed on its website that it does not sponsor any marketplace for used bikes. In fact, the company is not involved in the secondary sales of its bicycles and subscriptions in any way. So, purchasing a used Peloton bike is purely your own decision. The company is not responsible for any future risks.
Can You Use a Used Peloton Bike?
Yes, absolutely! You can use a used Peloton bike after you buy it at your own risk. The cost of a new bike set, which includes the bike and accessories, is $1745 plus $250 for delivery. Additionally, there is a $40 monthly subscription fee.
All of these expenses add up to a significant sum, which is out of reach for many young gym junkies. So, if you're a beginner or just have a tight budget, a used Peloton bike can come in handy if you can find a good deal.
Can You Use the Peloton Subscription From Your Seller?
Yes, you can use the subscription credits from your seller if you buy a used bike. Even if you had purchased a new Peloton bike, you still had to pay $40 for the monthly subscription. Since you are going to need it sooner or later, ask your seller if he's willing to transfer his remaining subscription credits to you. If he shows consent, the purchase offer can be even nicer.
Peloton allows the transfer of subscriptions from one user to another in a few simple steps. All you need to do is to ask your seller to send an email to email@example.com. The email should contain the names and email addresses of both parties involved.
Where Can You Buy a Used Peloton Bike?
There are four well-known places where you can buy a used Peloton bike for you.
It can be a shop or dealer of second-hand vehicles in your city, or maybe an online marketplace. Some online marketplaces that work locally include Craigslist, Facebook, Letgo, etc. Whatever the marketplace may be, a local one is always an easy spot to pick up your bike. You can personally visit the place and inspect the condition of the bike. Moreover, local sellers are easy to negotiate with.
National Online Marketplace
You can find used Peloton bikes on some other national online marketplaces as well, for example, eBay and Gumtree. The major problem you face here is the high level of risk. Since you can't visit the place in person, you don't have any other option except to trust your seller.
Peloton Buy Sell Trade
"Peloton Buy Sell Trade" is an unofficial Facebook group that deals with the sale of used Peloton bikes. It also helps the customers find local pickups in their area. Although the name of this group is also mentioned on the Peloton website because of its popularity, the group is not affiliated with the company in any way.
Family and Friends
The last and easiest option is to buy a second-hand Peloton bicycle in person from your relatives, friends, neighbors, etc. Keep track of the people who are using bikes in your circle and ask them if they want to sell them.
What Happens to the Warranty?
Peloton has confirmed on their website that the limited warranty that comes with a new bike is only valid for the original buyer in their records. It can't be transferred during a secondary purchase.
However, if the seller has recently bought the Peloton's Protection Plan for his bike, it can be transferred to you with the seller's consent. If he's willing to transfer it to you, you can easily claim the future repair of your bike under this plan.
The Price of a Used Peloton Bike
The price of a used bike is considerably lower than a new one. But we can't tell you the exact price for a certain used bike model. This is because it depends upon various determinants, like
- Condition of the bike: a more maintained bike is likely to have more price.
- Wear and tear: the greater the wear and tear of bike components, the lesser will be its cost.
- Age of the bike: check the receipt of purchase directly from the company to estimate the age. An older bike will cost you less in this case.
- Model: there are three generations of Peloton bikes, of which the third generation bikes will cost you more. You can confirm the model number of a third-generation bike as it ends in 'RB1VQ'. The previous two generations were relatively cheaper.
Things to Consider While Buying a Used Peloton Bike
Have a Discussion With the Seller
Talk to the seller in detail to know the age, model, and condition of the bike. Don't hesitate to ask him for proof in each case. Request him to transfer his prepaid subscription credits or Peloton's Protection Plan to you. Also, ask him if he wants to sell his bike accessories too.
Cross-Examine the Bike
Conduct a thorough cross-examination to determine whether or not the seller is telling the truth. If he's close by, pay him a visit to inspect the bike before you buy it. Otherwise, request that your buyer join you on a live video call to give you a thorough inspection of the bike.
Look for Accessories too
In addition to the bike, Peloton accessories are also expensive. If your seller has any available, look for them too. Imagine a deal including a second-hand bike along with Peloton dumbbells, a bike mat, and spin shoes. Doesn't that sound wonderful?
Transport the Bike Carefully
You can detach the screen, pedals, and sweat guard to ensure safe relocation. To learn more about tips for moving your Peloton bike safely, visit this section of the Peloton website.
About THE AUTHOR
Mountain biking is more than just a hobby for me - it's a way of life. I love the challenge and excitement that comes with it, and I'm always pushing myself to go faster and ride harder. Some people might think that mountain biking is dangerous, but I see it as the only way to live.Read More About Danny Lawson