Until recently, if you wanted to buy a Peloton and save some money, you had few good options. But now, Peloton is making its equipment and experience more accessible in a few ways, specifically its refurbished program.
Once again, Peloton is offering a limited-time refurbished program. The last time they did this was back in March of 2022.
If you miss out on it, I’m sure Peloton will offer this again if you miss this deal. So you’ll want to learn everything you can now so you can be ready. I’ll also compare other ways to save money on a Peloton bike to help you make the best decision for you.
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- Ways to Save Money on a Peloton
- Peloton Introduces their Refurbished Bikes
- What is a Peloton Refurbished Bike?
- How Much is a Refurbished Peloton Bike?
- How to Find a Peloton Refurbished Bike
- Who is Eligible for Peloton Refurbished Bike
- How does a Refurbished Peloton Bike Differ from a New Bike?
- Is it Worth Buying a Peloton Bike Refurbished?
Ways to Save Money on a Peloton
There are a few ways to save money on a Peloton. See which one is best for you:
1. Buy a Used Peloton
Sure, there are the die-hard Peloton fans. But there are also lots of people who buy a Peloton and realize it’s not for them. I know plenty of these folks.
Eventually, they decide to take a loss and put their barely used Peloton up for sale. The best way to find a used Peloton bike is through your local Facebook Groups or the Facebook Marketplace, specifically, the Peloton Buy Sell Trade (BTS) group.
Pros
- you can get a great deal
- don’t have to pay for delivery
- get to see it in person before making the purchase
Cons
- could be an older model (original screen)
- not everyone is truthful and this bike could have a lot of wear and tear
- often, people are charging too much (the same or minimally less) than a new bike
- may be out of warranty
2. Use the Peloton App with a Regular Spin Bike
Pros
- the app is much less expensive ($12.99 monthly) than the full Peloton All-Access Membership ($39.99). Note: effective June 1, 2022, Peloton raised the monthly membership to $44 per month.
- there are many good options for starter spin bikes
- you can buy an expensive bike (even better than the Peloton) to use with the app
- you can connect your spin bike to other apps like Zwift, not just Peloton
Cons
- you may need to buy extra accessories to mimic the Peloton experience
- depending on the bike you choose, the actual equipment may not be much cheaper
- some features are not available for app riders
Read more about how to use any spin bike with the Peloton app here.
3. Find a Promotion or Sale
Typically, Peloton does not offer sales on their products, other than their apparel.
However, in March 2022, Peloton launched a new program where it sent out a special promo code to its members to share with friends. This “Treat Yourself, Treat Your Friends” promotion gives you a $300 coupon for friends and family (or even yourself if you want another Peloton bike or tread).
They usually have a Black Friday or Cyber Monday sale but this typically only includes a discount on accessories with the purchase of bike or treadmill now. However, in 2021, this did indeed include a discount on equipment.
Note: in the summer of 2021 and again in April 2022, Peloton lowered the price of their original bike. However, they also added a delivery fee of $250 which makes it almost a wash.
4. Peloton Discounts
There are a few other ways to save money on your Peloton equipment or app. Check out the recent article where I’ve discussed all the options and ways to save money on a Peloton. They include credit card savings, health care plans, and discounts offered to certain professions.
Now that the original Peloton is sold on Amazon and at Dick’s Sporting Goods, check for sales. Amazon had a great sale on Prime Day. Follow me on Amazon Live for all my favorite deals.
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5. Peloton Home Trial
Not sure if you’ll love the Peloton, how about trying it out risk-free for 100 days?
Peloton expanded their home trial period from 30 days to 100 days. If you don’t like it, return it for a full refund, no questions asked. This is a limited time offer.
6. Peloton Rental
In March of 2022, new CEO Barry McCarthy announced the “One Peloton Club,” available in just a few markets, including my home city of Minneapolis. (The two nearby participating showrooms are within 10 minutes of my house).
The One Peloton Club is a rental program. They advertise it as “zero commitment, cancel anytime, and free return.” You’ll pay more than a typical All-Access membership but it includes the price of the bike or treadmill too. Price ranges from 60 to 100 dollars per month.
Users may also be eligible for a buyout if they want to own the equipment instead.
7. Financing
Through Affirm, Peloton members can finance their equipment. This has been around for some time and is a popular option. You can pay over the course of 12, 24, 39 or 43 months, and prices start at $45 per month.
Peloton Introduces their Refurbished Bikes
When did Peloton start selling refurbished bikes?
In September 2020, when Peloton introduced the Bike Plus, members speculated that Peloton would start selling refurbished bikes which they did for a short time.
This is because, at the same time, Peloton tried to entice existing customers to upgrade with its trade-in program. This program still exists. If you have an original bike, you can trade it in for a Bike Plus and get a $700 rebate plus a yoga accessories package.
Usually, when they start selling refurbished bikes, they reach out to their digital members first via email. Of course, this news quickly circulates on Facebook.
Peloton’s newest refurbished program of Summer 2022
Peloton’s newest refurbished program runs until August 14, 2022.
Their most recent program ran in March of 2022. Peloton quietly launched this program soon after a big Peloton stock drop, when founder and CEO John Foley stepped down, and the company laid off 2800 employees.
The reason I say quietly is if you Google “Peloton refurbished bike,” you may not find the newest information.
(Or maybe you found this blog post. In that case, thank you. And I hope you subscribe to always receive the newest Peloton updates, class lists, and my Friday Favorites email including my best classes of the week).
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What is a Peloton Refurbished Bike?
I’m a big fan of buying refurbished items.
I bought my Dyson AirWrap refurbished and it was in perfect, perhaps even never used condition. I couldn’t find a smudge, scratch, or blemish on it. My friend bought hers new at the same time as me and hers stopped working while mine has never had an issue.
A Peloton Refurbished bike means that someone has returned their bike (perhaps unused) and Peloton has inspected and made sure the machine works and meets their quality standards.
Refurbished Bikes may have slight cosmetic damage such as minor scratches. The Bike+ is not included in this promotion.
How Much is a Refurbished Peloton Bike?
How much is it to buy a refurbished bike?
You can buy a refurbished Peloton for $995 (down from their last offer back in spring of 2022 for 1,045). This time you also get free delivery and setup. (Last time they charged a $250 delivery and setup fee).
How much is it to finance a refurbished Peloton bike?
It’s $34 a month for 39 months with 0% APR. The original Peloton bike starts at $45 per month.
Peloton is only offering the refurbished deal on the original bike and not the Bike Plus.
How much is a new Peloton bike?
Price of the original Peloton
Currently, a Peloton bike costs $1,495 plus $250 delivery. If you take advantage of a promotion such as Treat Yourself, Treat Your Friends, your friend can get a brand new Peloton bike for $1195, that’s $150 more than a refurbished bike.
Price of the Bike Plus
The Bike Plus sells for $2,495 with free delivery.
Bike vs. Peloton Bike Plus
If you’re wondering what the big differences are between the original Bike and the Bike Plus, there are really only a few differences:
- The Bike Plus screen fully rotates 360 degrees. I have the original bike and bought the Pivot from Top Form Design. Problem solved.
- The Bike Plus has auto-resistance (I’m not sure I need this feature)
- The Bike Plus’ big selling point used to be the Apple Watch integration. However, in March of 2022, Peloton enabled this feature on all Peloton bikes.
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How to Find a Peloton Refurbished Bike
To find a refurbished Peloton bike, click here.
You must chat to buy, meaning the employees in the showrooms probably can’t help you.
When you click on the “chat” button, you can read the terms and offers. The Peloton chat bot then asks you to enter your zip code to see if your area qualifies. I entered my Minneapolis zip code and it does.
Who is Eligible for Peloton Refurbished Bike
Peloton does not disclose much here, only saying it’s available to “select areas and audiences only.” But if you’re looking for a used Peloton bike, it’s worth contacting them.
How does a Refurbished Peloton Bike Differ from a New Bike?
Warranty
Other than the price, a refurbished bike comes the same 12-month limited warranty as new bike. The frame on both bikes is still backed by a 5-year (60-month) warranty.
New bike owners and refurbished bike owners both may opt for an extended warranty (24 or 39 months) if made before the first year of ownership.
I never purchased an extended warranty and luckily never needed it, although it’s probably worth it in the long run. For example, the replacement cost of the Peloton screen itself is around $700.
Parts
Peloton installs a new set of pedals on each refurbished bike.
Is it Worth Buying a Peloton Bike Refurbished?
As Peloton offers the exact same warranty and the ability to extend it even longer, there is very little difference between a new bike and a used, refurbished one.
They warn you that there could be cosmetic blemishes but in my experience buying factory refurbished products, this is very infrequently the case or it’s hardly noticeable.
If you’ve been looking at getting a Peloton bike, this seems like a great deal. The Peloton has come down in price over the years (I paid around $2500 plus delivery) and now you can get the same bike for half the price or less.
Just know that both the friends and family promotion and this one are limited-time deals. They will likely return at some point but no one knows when.
If a Peloton bike is not in your budget or something that does not interest you, I encourage you to look at some great alternatives. If you’re not sure where to start, I’ve laid it all out for you here. And if you’re thinking of trying out the Tread classes, read why I chose this treadmill to use with the Peloton app.
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Michelle Platt is a content creator and certified personal trainer. Proving it’s never too late to reinvent yourself, she’s a former attorney and teacher who loves to do the research so you don’t have to. She takes a deep dive into each topic and writes about her wellness journey here. She loves trying out new workouts, fitness tips, healthy foods, and products to share with you. This native New Yorker recently made the move to the suburbs of Minneapolis, where she lives with her husband, two kids, and two dogs.