How to Buy A Used Peloton Bike?


How to Buy A Used Peloton Bike? 1

Last Updated on May 5, 2020 by David P. Lopez

Introduction

Peloton bike is the new indoor gym equipment that everyone is talking about lately. As you’ve landed on this web page, we guess you are in the club as well.

But the million-dollar question is- are you going to invest those $2500(approximate) or buy a used one for a far cheaper price?

Well, let’s not put a one-word answer to such an important question.

In fact, we have crafted an entire article regarding this very topic. We’ve discussed how the purchase of a used Peloton bike works, what’s the cost, what you have to look ;,tfor, and where you can get to buy one.

Before making your mind up, we urge you to go through the entire piece on how to buy a used Peloton bike and never regret it anyway.

Let’s start-

Peloton and Peloton Bike: The Basic Knowhow

Before learning about Peloton bikes, let’s take a glimpse at Peloton- the 7 years old American gym equipment manufacturer.

Launched through a Kickstarter funding project, Peleton had a talked about name in the indoor exercise industry. And as a public company, they have scratched the ground quite a bit. Till date, they have 2 studios and 37 retail outlets across the country.

Peloton bikes or Peloton stationary bicycles had been one of their flagship products, and it’s our sole concern in today’s discussion as well. Long story short- this bike helps the users to participate in live spinning classes via a fitness studio from the same brand(Peloton). And the users have to pay on a subscription basis for that.

How This Bike Works?

To talk about how it works, let’s just say that this is a stationary bike that embraces a custom Android version to connect with the studio. On the large touchscreen that this bike has, you can choose from 20 fitness schemes and get handled directly by the fitness experts at the studio.

Also, this bike requires cleats to lock onto the pedals.

Quick Perks and Drawbacks of Using A Peloton Bike

As we’re talking about used Peloton bikes, we’re not going to talk about the features of it in depth. For the record, here goes a quick list of perks that a Peloton bike comes with-
• You can participate in fancy spin classes right from your home.
• It is compatible with any customized schedule as per your comfort.
• If you are a competitive person, the classes are right for you.
• The instructors on the other side of the app are really good.
• Doesn’t take much space to be housed.
• They cover well for any kind of damage to the bike.

Done talking about perks, here goes a few demerits of new Peloton bikes-
• They are expensive.
• You need custom cleats(shoes) that will cost additional $125.

Why Go for Used Peloton Bikes Instead of New Ones?

We get it. The #1 reason for going after a used Peloton bike instead of a new one is the MONEY. Compared to many similar indoor gym equipments, the new Peloton bikes are way more expensive. Plus, the monthly subscription and the cleat are cherries on the top(in a negative way).

But we believe there is more than that.

To get our motive honed up, we have put together a list of reasons why you(and any budget buyer) should go for used Peloton bike instead of new ones-

• The cost is trimmed down into two-third of the fresh price if you get to buy a bike that’s used for a few months.
• The physical efficiency of used Peloton bikes are almost the same as what they have in new ones.
• Peloton allows switching accounts for the same product. So, you can still be a legitimate user of their app platform.
• As long as maintenance and repair costs go, you are getting the same support and service from the buyer/seller as it would be for newly bought products.

Where can you Buy a Used Peloton Bike?

Craigslist

Craigslist- the jack of all trades, literally. But the thing about Craiglist marketplace is, it’s not an unmixed blessing. There are good and solid product sellings ads on craigslist, a lot of them. But on the dark side, there are a handful of ads that are regarding faulty products or stolen products.

So yeah, you can of course pop into Craiglist marketplace and look for Ads that say ‘Selling Used Peloton Bike’. But you have to make sure that it’s not a fraud one.

For that, you can follow two things. One- strike the iron while it’s hot, meaning, interact with ads that are fresh. And second, once you are done with initial negotiation, go for checking the authenticity of the product as we have said before in this article.

Amazon

mazon is a great marketplace for both used and new Peloton bikes. In fact, the buyer’s right is so protected in Amazon that there is the least chance of fraud deals. Usually, dealers that sell fresh products, also get to sell used ones.

The drawback of buying a used Peloton bike from amazon is- the price is going to be not as budget-friendly as it would be from a Craigslist deal or a one-to-one deal.

So, if you are ready to let a few hundred dollars go in return of security and legitimate purchase, you are welcome to visit amazon for used Peloton bikes.

Facebook Marketplaces

Long gone are those days when Facebook was all about social communication and hang out chatting. Now, there are hundreds of marketplaces that are niche-specific. So, you can get yourself added into a few groups that sell gym accessories and products, that’s the place where you can also find some good deals regarding used Peloton bikes as well.

Unlike Amazon or any B2B marketplace, Facebook groups don’t provide any protection to both buyer and seller. So, once you are done with figuring out the right sales offer, the rest of the deal is up to you and you’re smart.

Beware of fraud products, faulty and risky transactions once you get to buy from the Facebook marketplace.

The Cost of Used Peloton Bike

Let’s now talk about the most important concern of any user- the money. We know that the best version of anything can be acquired from a brand new one. But if you are a bit careful, the perks of a used one aren’t that bad.

Usually, brand new Peloton spinning bikes cost around $2400($1995 for the bike, $150 as tax, $250 for shipping and setup). On top of that, if you buy the spinning shoe, it will cost you an additional $125.

Summing things up, the total cost is about $2550(ideally).

If we shift our radar to the used ones, the price points will be trimmed down as bellow-

• The bike itself- $1500-1600
• Tax- $0
• Shipping- $0 if you take care of that yourself.
• Setup- $0 if you are a DIY person.
• The shoe- $125 if you buy new(the best option).

In total, we can forecast an expense of around $1600-1700 to get the whole thing running at your home. And these prices are addressed considering an almost tip-top condition of the bike. Usually, we would say, that’s 3-12 months of usage, if the user weren’t too harsh on the bike.

However, that’s a straight savings of $700-900 if you buy a used one instead of new.

Simple Steps to Avoid Purchasing Stolen Peloton Bike

As long as you’re buying an used thing, there are chances of forgery in every single one of them, let alone the Peloton bike.

To back you up there, here goes a series of steps that would make sure that the bike you’ve purchased is not a stolen or refurbished one-

Step 1: Meet physically while you’re buying

e assume that you will take care of the delivery yourself. And in order to do that, we would suggest going for a head to head meeting and a cash transaction instead of online transfer.

Doing so, you will get to proceed with the rest of the steps right away and make sure that the bike isn’t a stolen one.

Step 2: Check for the owner’s app account

As the owner bought the product first hand, there should be a Peloton account by the namesake of the owner. While you are checking the product out, ask for the account to see by yourself.

In some cases, the physical heads-up might not be possible. Then, request for a live record or streaming of him/her disconnecting his/her account from the bike. Keep an eye on the name and other identity bearing info, however.

Step 3: Check for order receipt or payment confirmation document

While the former owner of the bike had made the purchase, there should be an official notation of purchase that was authorized by either the retailer or the brand agent themselves. In the case of online purchase, there will be a similar document of purchase including the price, product name, model, and date of purchase.

There is a certain chance of forgery with this document, you can call the customer care to verify the date to be 110% certain about the purchase.

What Is the Right Time to Buy a Used Peloton Bike

This section is going to talk about the condition when buying a used Peloton can bring you the best bang for the bucks.

Well, that’s something which matters from case to case. If you are within a budget below 2000 dollars, then you might relate it the most.

Usually, the usage of a Peloton bike is calculated by the number of rides and the number of subscription months remaining.

In the first case, look for bikes that have less than 10-20 rides in it. This way, you can be certain of the good physical condition of the bike.

About The subscription, it can be either monthly-basis or yearly basis. If your seller has a yearly subscription and you take over somewhere within the year, you can save some bucks regarding the subscription cost.

Tips for You While Buying and Using A Used Peloton Bike

Before heading to the last part of the content, we want to provide some quick and handy tips on buying a good quality used bike from online or offline.

Here it goes-

• If you buy from classified websites like Craigslist, try to close the deals as soon as it’s newly listed. Fresh and good deals don’t last for more than a few hours in craigslist.
• Also, Craigslist happens to be a hub for fraud and over-marketed deals. Don’t get sold to those lucrative deals.
• Bargain as long as you can, making sure the price is worth it. For fixed price listings, that’s not an option though.
• If you get to carry the bike over from the seller’s address, use an SUV.
• While carrying it around, make sure that the screen and other sensitive parts are well wrapped. Damage that occurred to these can never be undone.
• While carrying within your house, you might use several persons to do that. Using a trolly or so is always a better option.
• If you have expertise in setting gym equipment up, that’s fine. Otherwise, we advise you to call u the customer support and get some help in setting up the bike.
• In any case of support and enquire, use your own identity via the app. Make sure the previous owner had discontinued his/her account before handing the bike over to you.

Frequently Asked Questions(FAQ)

Question: How can I be certain about the legitimate purchase of the previous owner?

Answer: there are two quick things to check for that. One- the purchase document, and two- the app account credentials.

Question: Do I need to buy the shoe newly with a used bike?
Answer: If the shoe from the previous owner is still in order, and if it suits your feet, then go for it. Otherwise, get a new one.

Question: Is it worth investing after the subscriptions?
Answer: As we said before, the instructions over this platform are really worth the subscription fee.

Question: Can I get help from the seller while setting it up?
Answer: Once the ownership is handed over, you can call them up for that support.

Final Verdict

All right, it’s the wrap-up time. Hopefully, the discussion was worthy of your time. Making sure you go through everything we’ve talked about, we’re sure you will be happier than ever with a deal like this.

Happy fitness workout!

David P. Lopez

David is an expert on the bike and his hobby is biking. He has experience over 8 years. Based on his experiences he is sharing his thought about the bike and bike-related products. so a beginner can learn something from him.

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