With the New Year here, everyone is reevaluating their fitness goals and health priorities. Some may consider investing in a new smartwatch to track their fitness, and others may look into purchasing fitness equipment to make a jump into a new workout routine at home. Are you looking to buy a used Peloton bike this year?
Peloton is known for bringing the community and exciting aspects of a boutique gym into the comfort of your home. Known primarily for the Peloton bike and their workout videos, Peloton also recently released treadmills.
Two main Peloton Bike variants
Speaking primarily about the exercise bikes Peloton has to offer, the current options include the original Peloton Bike and the Peloton Bike +.
The original Peloton Bike comes with a 22 inch HD touch screen, a 2×10 watt sound system, and rear speakers. The list price of this bike is $2,245, but it is currently on sale for $1,895 on Peloton’s website.
The newer Peloton Bike + comes with a 24 inch HD touchscreen that rotates 360 degrees, 4-channel audio with 2×3 watt tweeters and 2×10 watt woofers, front-facing and rear-facing speakers, auto-follow resistance, and Apple GymKit integration.
This bike costs $2,495 on Peloton’s website.
The prices of these two bikes do not include taxes, shipping, or the monthly membership fee, which can be an additional $49 or $69 a month, depending on the bike you select. It also includes a 12-month limited warranty, with an option to extend.
Peloton Bike and Service fees add up quickly
While Peloton claims to provide an immersive and challenging workout in a more accessible, affordable, and efficient manner, the average consumer may disagree with their price point. Not everyone can afford to spend more than $2,000 on a brand new machine, so buying a used Peloton is an option for consumers who want this name brand equipment for a lower price point.
Buying used exercise equipment can save you lots of money in the long run, but it is crucial to be cautious and do your research. To make sure you get your money’s worth, follow these tips for buying a used Peloton bike.
What to look for when buying a used Peloton bike:
When you buy anything secondhand, you should always check the item for any wear and tear. When looking at the used Peloton, look for any signs of damage.
Ask yourself these questions: does the bike have any cracks, do you notice any rusty spots on the bike, is the bike sturdy, or are there any other defects? Looking for any of these warning signs will indicate how safe the exercise bike is.
More than Photos
Sometimes photos don’t give you enough information about the condition of the bike. If you get to see the exercise bike in-person, make sure you thoroughly inspect it. Look closely for any scratches or bends and check the condition of the bike’s wheels.
Also, turn on the monitor to see how it works, are there any display issues? Make sure you are careful with the screen. The screen is the most costly part to repair or replace. That alone can cost you several hundreds of dollars.
Don’t be afraid to ask the seller if you can test out the bike! You want to make sure you’re going to be comfortable. Spin the pedals and listen to how they sound.
When buying a used Peloton, you should also inquire about any part recalls or repairs that the bike had or needs.
Also, take the time to research how much the parts cost and how much it costs to repair the exercise bike should there be any issues.
Flywheel bearings typically need to be replaced, and that can cost around $100 out of pocket.
Peloton also recommends replacing the bike’s pedals annually for proper maintenance, which Amazon has some affordable options.
If the parts are reasonably priced, you may want to pursue the Peloton! If the bike’s parts are out of your range, you may want to skip on that specific bike.
Three Generations of Peloton Display Screens
When looking into buying a used Peloton, see if you can find out how old the bike is and the version of its display screen. There are three generations of Peloton display screens. An older screen model should make the bike’s price lower.
The newer screens are thinner and have a faster processor, better quality speakers, more RAM, and screencast capabilities. But a first-generation screen should still work unless there was damage done to it.
To figure out the screen’s generation look for the FCC ID or model number. If it reads “xxxxx-QUARTZ” or “001” that’s the first generation.
If it says “RB1V1” that’s the second generation and “RB1VQ” is the third generation.
What about warranty for used Peloton equipment
One big issue to keep in mind when deciding if you want to purchase a used Peloton is the warranty.
A Peloton bike’s warranty is non-transferrable, even if there is still time left on it.
This also applies to extended warranties. Peloton will only accept warranty claims from the original purchaser. There are also no options to purchase a new warranty either.
This is ultimately the biggest disadvantage of buying a used Peloton.
That is why it is crucial to make sure the bike for sale is in good condition and does not need any repairs.
Where to buy a used Peloton bike:
Local online marketplace:
Websites like Craigslist, Facebook Marketplace, Letgo, Recycler, OfferUp, Nextdoor, and other local groups and message boards are your best bet for finding a used Peloton bike, especially in your area.
Buying a used Peloton nearby should make the price less costly, and it makes it easier and quicker to pick up.
Garage and estate sales:
Typically, you could find various used fitness equipment for sale at a garage and estate sale. But with the introduction of the local online marketplace, that will be your best bet. Trying to find a used Peloton may be like trying to find a needle in a haystack. However, it never hurts to check out any local garage and estate sales. Who knows, you may luck out!
National online marketplaces like eBay will also have the option to buy used Peloton bikes. But always proceed with caution. When searching on eBay for Peloton, some other exercise bike brands may pop up in your search.
A family member, a friend, or a person you know in real life: If you know someone, who is planning on selling a used Peloton, that is your best bet for a safe and trustworthy transaction. Plus, your close friends or family members should be able to give you an excellent deal!
No matter where you decide to purchase your used Peloton, make sure you proceed with caution. To best protect yourself from any scams or instances of fraud, always check to see if the seller is verified. If the interaction doesn’t seem or feel right to you, don’t take the risk. Wait for the right opportunity.
Peloton plans on selling used Bikes through its website starting this year. Keep an eye out for any good deals on their site.
Questions to ask the seller before buying Used Peloton
Are you the first owner?
If the bike had multiple previous owners, most likely, it has moved around a lot. Which could mean it has more wear-and-tear on the bikes especially if it wasn’t carefully moved.
What month and year was this bike purchased?
This will give you an idea of how old the bike is. Is there a sales receipt for the original purchase.
What generation screen does the bike have?
If the bike has an older model screen, that should make the price significantly less.
How many rides have been done on the bike?
This should also give you a good idea of how much wear and tear the bike has. Just because the bike looks brand new doesn’t mean the internal hardware looks the same.
Is there anything wrong with the bike? Does it make any strange noises?
If it’s making strange sounds, then it might need some repair work. This might be complicated. Also make sure to ask if the Wi-Fi works perfectly with the bike.
Does the bike come with any accessories?
Peloton makes tons of accessories to go with their bikes like mats, shoes, weights, HR monitors, headphones, and more.
If the seller is willing to add those into the sale, it could up the price a little, but you could also score the ultimate deal!
Does the bike have any prepaid subscription left?
If the previous owner still has some of their subscription left on their bike, that could explain why the seller has the exercise bike for sale at a higher price point.
Why are you selling the bike?
This is a critical question to ask the seller. They could be selling because maybe they realized this bike was not right for them, or maybe they prefer using the Peloton app for different workouts. Asking this question can provide a lot of insight.
Can we negotiate the price?
It never hurts to ask to negotiate! Some sellers may want the bike gone as soon as possible and might be willing to compromise on their price. But if they have multiple people interested in the Peloton, they may be less likely to negotiate.
Lastly, the company is planning to start used Peloton equipment on its website.
How to activate a used Peloton bike
So you just bought a used Peloton bike! Now what? After you have set the exercise bike up in your home workout area, you’re going to need to activate your Peloton bike. You’re going to need the original or previous owner’s email address that they used to register the bike with Peloton. Once you have that, head over to Peloton’s website and go to Peloton Chat. Their customer service representative should be able to transfer the ownership over to you from there!
The other important thing to do is to make sure that you level the bike once you have moved it into your exercise space.
To do this, there are 3 stabilisers underneath each base. It is important that all of the stabilisers are adjusted to the same lengths and that the outermost stabilisers are firmly touching the floor in order to prevent the bike from rocking.
While Peloton ultimately discourages consumers from buying their equipment secondhand, there are many benefits for buying a used Peloton. The cost alone is the greatest advantage of investing in a used Peloton bike.
There are other options as well. You may want to consider Apple Fitness+ if you already have an Apple Watch and pick up an affordable exercise bike.
While you may not have any warranty options, that shouldn’t deter you from purchasing a used Peloton.
Peloton bikes are well-made and high-quality exercise bikes. As long as you proceed with caution, buying a used Peloton is a great decision!
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