Buy A Used Peloton Bike Versus Purchasing for New

Last yr, I considered whether or not or not I should purchase a used Peloton bike versus searching for one new. You see, we’d not too way back bought a visit residence the place I had hoped to be spending additional time and in the end retire to.

As a devoted Peloton individual, I needed that journey residence to have a Peloton bike in it. In addition to, it was our plan to lease out the home as soon as I’m not staying there. You understand, make some additional money by itemizing it on VRBO.In actuality, it’s one in all many causes I wrote my article on private residence journey leases with a Peloton in it. Sometime I needed my Peloton residence to be included.

Can you buy a used Peloton bike

Positive, you presumably can fully buy a used Peloton bike. In actuality, searching for a used Peloton bike is simply not one factor new. Peloton even provides recommendations on searching for a used bike. That suggestion is primarily about the place you presumably can go–on-line and in particular person–to buy a used Peloton bike.

Now, in any case, Peloton must direct you to its refurbished bike program. And in 2024, they gave you a financial incentive to buy a used bike this vogue: in case you establish to buy a used Peloton from a non-Peloton vendor, you’ll ought to pay a $95 activation cost. Plus, if you activate the bike, you’ll ought to pay the month-to-month all-access membership value. Presently, that is $44 per 30 days for People.

At current, listed below are the prices for refurbished {{hardware}} from Peloton:

• OG Peloton Bike Refurbished: $1,145
• Refurbished Peloton Bike Plus: $1,995

And that’s it. You don’t have the selection of buying refurbished Peloton Treads (each model) from the company. So should you want to buy used to keep away from losing money, you obtained’t have the power to steer clear of that activation cost.

The place to buy a used Peloton bike

Let’s say you’ve decided to go it by your self and purchased a used bike from an on a regular basis particular person. Listed beneath are the places you’re susceptible to find them in the marketplace. For starters there are what I identify “native” marketplaces. I’m talking about on-line web sites. That could be among the many following:

There are various totally different apps the place people buy and promote devices. In case you might be looking out for “used Peloton bikes near me,” these web sites are the place it’s best to look.

As I was deciding whether or not or to not buy a used Peloton or a model new one, I spent most of my time wanting on Fb. Primarily, I found loads of bikes inside the Fb Market along with the Peloton Buy Promote Commerce Group.

FYI, there are higher than 243,000 people inside the BST group! So, there are many people selling used spin bikes and totally different Peloton goodies like footwear. Largely people are selling bikes nonetheless generally, you’ll see a Tread up in the marketplace.

Buy a used Peloton bike on eBay

The popular on-line market the place you should purchase a used Peloton bike is eBay. I do know people who’ve bought and purchased automobiles on eBay.

So, searching for a used Peloton bike on eBay isn’t that far in the marketplace. In the event you want to strive the alternatives, proper right here’s a hyperlink to the used Peloton bike search internet web page. 

Purchase from family or buddies

Most people I talked to who found a used Peloton bike in the marketplace did so by means of anyone they knew. They felt secure in searching for it this vogue on account of they trusted the one who was selling it to them.

What inquiries to ask in case you’re contemplating of buying a used Peloton bike

This is a urged document of inquiries to ask when considering searching for a used Peloton.

What period is that this used Peloton bike?

As an example, one in all many urged questions is that this: what period the bike is. How do you establish the Peloton period? By the model amount on the once more of the monitor.

As soon as I used to be speaking with a Peloton individual about searching for his used bike, it was the very very first thing I requested. He despatched me a picture of the model amount on the monitor. On account of it started with the “RB1V1” code, I knew it was a Period 2 bike. That’s good.

Why? On account of Gen 1 used Peloton bikes are among the many oldest ones in the marketplace. Many have wished their screens or tablets or touchscreens to get changed on account of the software program program wasn’t updating. And in 2024, these outdated screens grew to turn out to be old-fashioned. If householders didn’t pay to buy a model new monitor, then the bike merely does not work. That’s an pricey paperweight.

I suppose there are dishonest people who could try to advertise you a non-working Peloton with an out-of-date show. Which is why it is so important to know simple strategies to find out the period of that Peloton monitor or show.

This is a quick resolution to find out the Peloton period:

• Gen 1 has QUARTZ on the monitor. These are old-fashioned and never work.
• Period 2 Peloton bike has RB1V1 on the monitor.
• Period 3 Peloton bike has RB1VQ on the monitor.

Can you current me proof that the bike prompts and works?

Now that the Gen1 Peloton screens will not be supported, seeing video proof ahead of time that the bike actually works is additional important than ever. Whenever you uncover anyone selling a motorbike, ask for this video proof. Nevertheless don’t ask them to ship you a video. They might fake it. Do a video identify with them–Zoom, FaceTime, Skype. I don’t care. You want to see, in precise time, that the bike prompts and works.

Moreover, in case you do decide to buy it, have them current you this proof as soon as extra in particular person. You don’t want to meet anyone in a parking zone to get the bike and have no resolution to plug it in and make it possible for that is related bike you seen inside the video. Constructive, going to anyone’s house is creepy so uncover a spot you presumably can meet in public the place you presumably can plug in an extension wire and have the power to try the bike. If the person balks, go away.

What number of people have used the bike and what variety of rides does it have on it?

Between my husband and me, our 2016 bike merely has 2,000+ rides on it. I indicate, I’m closing in on 1,800 rides on my own. The person selling the used Gen 2 bike I needed to buy talked about he obtained the bike in 2016 (like I did), and it had merely 400 rides on it. That made it a super-attractive deal.

Lastly, you probably want to ask if the bike has had any repairs. If I’ve been to advertise my genuine bike, I’d disclose that we modified the pedals. Correctly, actually, Peloton modified the pedals. Two weeks after we obtained the bike, they snapped off. Peloton modified them, beneath assure, freed from cost.

Can you current proof of purchase?

Not too way back, anyone posted in a Peloton Fb group that she’s gotten ripped off searching for a used Bike Plus. The details of the transaction are a bit fuzzy nonetheless this was crystal clear: the seller purchased her a motorbike they’d gotten by means of the Peloton rental program.

However, the seller had decided to stop paying for the Bike and purchased it fraudulently. When the consumer went to activate it, she was knowledgeable that Peloton couldn’t do it on account of she was not the legit renter and money was due on the bike. So, now she’s caught with a motorbike and out a pair hundred {{dollars}}.

People are urging her to file a police report, assuming she went to the person’s residence to get the bike. Meaning she’ll know the place to ship the police.

Regardless, this brings up an ideal stage that I hadn’t considered until instantly: ask for proof of purchase. This may sound obnoxious, however when people are selling bikes fraudulently, then by all means ask for proof that they are the legit proprietor.

A used Peloton bike does not may need a warranty

I’ve merely updated this a part of the article. Beforehand, one in all many factors that Peloton makes abundantly clear in its “searching for a used bike” FAQ is regarding the assure. That is, a warranty is simply not transferable. So, even in case you buy a used bike that the seller bought just a few months prior to now, you may void the assure as soon as you buy it.

Just so you perceive, all new Peloton bikes embody a free, 12-month or one-year assure. Sooner than that one yr is up, you have the selection to buy an extended assure for as a lot as three additional years. That extended assure costs just a few hundred bucks. Think about it like Applecare in your iPhone or MacBook or iPad nonetheless in your Peloton.

New Peloton Security Plan extended assure

However, in April 2022 Peloton updated its protection about warranties. Whereas the distinctive 12-month assure on a model new bike does not change to a model new proprietor, an extended assure will. Renamed the Peloton Security Plan, this extended assure provides safety in your Bike or Tread for 48 months. So, 4 years. It is obtainable for U.S. householders solely. The Peloton Security Plan begins at $199.

Proper right here’s what Peloton wanted to say regarding the transferability of this new assure selections:

“Security plans purchased after April 5, 2022 are transferable. In case you might be shopping for a previously-owned Peloton product, you need to positively request and retain the protection plan order affirmation from the distinctive proprietor inside the event you require future service beneath this plan.”

This textual content explains this assure in extra factor.

How loads does a used Peloton bike worth

Whereas updating this textual content, I seen most used Peloton bikes going for beneath $1,000 {{dollars}}. One man had a motorbike in Texas listed for $1,200. Shocker: no one was commenting on it. I seen a used Bike Plus for $750. That was the widespread value for used genuine Peloton bikes.

Now that the Peloton Row has been spherical, I’m seeing them in the marketplace, too. One was listed for $2,000. Price for a model new Row is $2,995.

You’ll uncover only a few used Treads in the marketplace, too. These are the newer iteration, not the behemoth that is the genuine Peloton Tread, now often known as the Tread Plus. New “widespread” Treads worth about $2,700. The used ones have been all beneath $2,000.

Worth of a mannequin new Peloton bike

What does a model new bike worth? Correctly, when Peloton launched the Bike+, they lowered the worth of the distinctive bike to $1,895. Then, they lowered it as soon as extra to $1,495.

The OG Bike is now in the marketplace on Amazon. It is $1,445.

Positive, Peloton retains altering the worth of its gear.

The Bike Plus costs $2,495 on Amazon. That’s what we paid in 2016 for our genuine bike.

The precise solution to pay when searching for a used Peloton bike

There have been two people I found selling used Peloton bikes. Every have been in my area and selling for $1,500. Clearly, $1,500 is a loads higher value than a model new bike. As soon as extra, this was when the model new bike worth $1,895.

The sellers wished a $100 deposit by way of Venmo or PayPal. Then, I’d pay the remaining as soon as I went to decide on up the bike. One vendor would take my confirm, though it was out of state. The alternative vendor agreed to take price by Venmo. However, on the ultimate minute he requested for all of it in cash.

That appeared considerably sketchy to me–displaying up at a stranger’s residence with $1,400 in cash–so I ended up backing out of that deal all collectively. By the purpose I obtained once more to the other particular person, they’d purchased the bike.

What do you get as soon as you buy a used Peloton bike

Correctly, that’s decided by what the seller is along with. Numerous the listings I seen on the Fb Peloton Buy Promote Commerce group included the an identical devices we obtained with our “The Works” bundle after we bought our bike. That could be the headphones, coronary coronary heart value monitor, bike mat and footwear.

FYI, all of these Peloton tools are obtainable on Amazon now, too.

Does a used Peloton bike embody Peloton digital

I chatted with Peloton buyer assist about how I’d log into the used Peloton bike I needed to buy. I figured that since I already had an account and profile, I’d merely log into the model new bike this vogue. Unsuitable. Each bike comes with a singular key and subsequently a singular subscription.

So, though I already private a motorbike and pay $39.99 now $44 for my subscription–which supplies me Peloton digital as a “free” add-on–I’d should pay for a second subscription for a second bike. This is ready to be true if I bought a used Peloton as my second bike or bought a second one new. Plus, now you must pay $95 to activate a motorbike you purchase used, if it didn’t come from Peloton.

Did I buy a used Peloton bike or new?

So, what do you suppose I ended up doing? Did I save a pair hundred {{dollars}} and buy the used bike I found on Fb Market? Did I consider it was a great suggestion to buy a used Peloton bike? In the end, no. (I’m making this sound like Dwelling Hunters, aren’t I?)

I ended up searching for a new Bike Plus. Why? Just a few causes.

Professionals of buying a model new Peloton bike versus searching for used

First, as anyone who blogs masses about Peloton, I assumed it could be important to non-public the Bike+. I wish to have the power to jot down about it, overview it, and share its execs and cons, and further, merely as I’ve about my genuine bike.

This is a hyperlink to all of my Peloton-related content material materials on this weblog.

Second, keep in mind how I mentioned that after you buy a used Peloton bike, you don’t get a warranty? Correctly, in the long term I decided that I did want a assure. As soon as extra, this was sooner than Peloton modified its protection regarding the assure.

It’s one issue to buy one factor used on Fb for a pair hundred {{dollars}} and hazard not having a warranty. It’s a completely fully totally different issue when you’re spending higher than a thousand {{dollars}}.

Third, to buy a used bike meant that I wanted to go get it. In my very personal vehicle. And elevate and carry it to talked about vehicle with my husband, ourselves. What if I broke it when taking it out of the seller’s residence? I merely didn’t want to care for the difficulty of that worry. By searching for the bike from Peloton, they’ll ship it to my residence.

Fourth, my price was secure. If you are going to buy a model new Peloton bike, you presumably pays alongside along with your financial institution card or finance the bike with Affirm. If you are going to buy a used Peloton bike, you’re giving cash to a stranger. Besides you perceive that particular person, this merely doesn’t actually really feel very secure.

I ended up getting interviewed about searching for a used Peloton.

Cons of buying a model new Peloton bike versus searching for used

Furthermore spending additional cash on the bike whole, one in all many biggest cons of buying new was the anticipate provide. I purchased the Bike Plus in mid-February. The first obtainable provide date was April 2. Had I bought a used bike, I may need had it the next day.

Now there is a third chance for getting a motorbike–renting a Peloton.