Recently, I found myself considering whether I should buy a used Peloton bike versus buying one new. You see, we recently bought a vacation home where I hope to be spending more time and eventually retire to. As a devoted Peloton user, I wanted that vacation home to have a Peloton bike in it.
In fact, it’s one of the reasons I wrote my article on private home vacation rentals with a Peloton in it. One day I’d like my Peloton house to be included.
Anyway, I knew that the wait time for new Peloton bikes was really long. I’d heard from people on Facebook who had decided to buy a used Peloton bike versus buying one new–primarily because of the wait time. But, also because it could be cheaper than buying new.
Therefore, I wanted to share what I learned, how I researched my buying decision and, finally, what I decided to do. Did I buy a used Peloton bike? Or did I buy a new one? Keep reading to learn my final decision.
Can you buy a used Peloton bike
Yes, you can absolutely buy a used Peloton bike. In fact, buying a used Peloton bike is not something new.
When you visit the Peloton website, you’ll find an FAQ on what you need to know if you decide to buy a used bike. That advice is primarily about where you can go–online and in person–to buy a used Peloton bike.
Where can you buy a used Peloton bike
As that aforementioned Peloton FAQ outlines, there are primarily three places where you can buy a used Peloton bike.
Buy a used Peloton bike on a local marketplace
When I say “local” marketplace, I’m talking about online sites. That would be Craigslist, Facebook Marketplace, Facebook local groups, such as your town group, Facebook’s unofficial Peloton Buy Sell Trade Group, Nextdoor and any apps where people buy and sell items.
As I was deciding whether to buy a used Peloton or a new one, I spent most of my time looking on Facebook. Primarily, I found lots of bikes in the Facebook Marketplace as well as the Peloton Buy Sell Trade Group. FYI, there are nearly 167,000 people in the BST group! So, there are many people selling used bikes.
Buy a used Peloton bike on a national marketplace
The most popular online marketplace where you can buy a used Peloton bike is eBay. I know people who’ve bought and sold cars on eBay. So, buying a used Peloton on eBay isn’t that far out there. If you want to check out the offerings, here’s a link to the used Peloton bike search page.
Purchase from family or friends
Most of the people I talked to who had bought a used Peloton bike bought it from someone they knew. They felt secure in buying it this way because they trusted the person who was selling it to them.
Why would someone be selling their used bike
When I was communicating with people on Facebook about the used Pelotons they were selling, I heard three common reasons.
One, they were moving or downsizing, and didn’t want to take the bike.
Two, they’d upgraded to the Bike Plus and weren’t pleased with Peloton’s trade in offer of $700 for the old bike. That is, they could make much more money selling their old bike privately. FYI, last September, Yahoo News reported that Peloton would soon start selling certified pre-owned bikes. I’m guessing those are the bikes people traded in. However, I’ve yet to see more about this related to the announcement.
Three, they bought the bike and, like so many pieces of exercise equipment, they just never used it. Therefore, it became a de facto clothes hanger. So, they were selling to recoup their investment.
What questions to ask if you’re thinking of buying a used Peloton bike
There is a really great post on the Peloton subreddit about buying a used Peloton bike. It includes questions you want to ask before laying down cash for the used bike.
What generation is this used Peloton bike?
For example, one of the suggested questions is asking what generation the bike is. How do you find that out? By the model number on the back of the monitor.
When I was speaking with a Peloton user about buying his used bike, it was the first thing I asked. He was sent me a picture of the model number on the monitor. Because it started with the “RB1V1” code, I knew it was a Generation 2 bike. That’s good.
Why? Because Gen 1 Pelotons are some of the oldest ones out there. Many have needed their monitors or tablets or touchscreens to be replaced because the software wasn’t updating.
The bike I purchased in 2016 is a Gen 2 bike. I haven’t had any problems with my monitor, and it hasn’t needed to be replaced.
FYI, Gen 1 bikes with have the word “QUARTZ” on the back of the monitor. Gen 3 bikes have “RB1VQ” on their monitors.
Other questions to ask about the used bike
There are some other questions you want to ask before buying a used Peloton bike. This includes how many owners the bike has had–like did this person buy it used from someone else before you. If so, you probably don’t want that bike. You don’t know what it’s been through.
Other good questions: how many people in your home ride the bike, and how many cumulative rides does the bike have. Between my husband and me, our 2016 bike probably has 2,000+ rides on it.
The guy selling the used Gen 2 bike I wanted to buy said he got the bike in 2018 (like I did), and it had just 400 rides on it. That made it a super-attractive deal.
Finally, you probably want to ask if the bike has had any repairs. If I were to sell my original bike, I would disclose that we replaced the pedals. Well, actually, Peloton replaced the pedals. Two weeks after we got the bike, they snapped off. Peloton replaced them, under warranty, for free.
A used Peloton bike does not have a warranty
One of the issues that Peloton makes abundantly clear in its “buying a used bike” FAQ is about the warranty. That is, a warranty is not transferrable. So, even if you buy a used bike that the seller bought new just a few months ago, you will void the warranty when you buy it.
Just so you know, all new Peloton bikes come with a free, 12-month or one-year warranty. Before that one year is up, you have the option to buy an extended warranty for up to three more years. That extended warranty costs just a few hundred bucks.
How much does a used Peloton bike cost
I’d mentioned earlier than many of the people I’d encountered selling a used Peloton bike were doing so because they’d upgraded to the Bike Plus. With Peloton offering just $700 to “trade in” their old bike, they knew they could do better selling on Craigslist or Facebook Marketplace.
This is what happened with my friend Elaine. While she waited about six weeks to get her Bike Plus, she knew the wait for it would be worth it. That is, once that bike was delivered, she posted her original bike on Facebook. Her selling price? $1,600. She had more than a dozen offers within hours.
Truth is, with the delay Peloton has in delivering bikes–well documented in this New York Times article–many bike owners are, frankly, taking advantage of that.
When I was looking to buy a used Peloton bike, I saw bikes listed for more than the cost of a new regular Peloton bike. Also, in the ads they were saying specifically, “Hey, if you want a bike tomorrow, you should buy our used one today.”
Cost of a brand new Peloton bike
What does a new bike cost? Well, when Peloton introduced the Bike Plus, they lowered the price of the original bike to $1,895. The Bike Plus costs $2,495, which is what we paid in 2018 for our original bike.
The only place I saw Peloton bikes at what I thought was a legit “used” price was on eBay. I would gladly pay $700 or $800 for a used bike on eBay.
How to pay for a used Peloton bike
There were two people I found selling used Peloton bikes. Both were in my area and selling for $1,500. Obviously, $1,500 is a much better price than a new bike. They wanted a $100 deposit via Venmo or PayPal, and then the remainder when I went to pick up the bike.
One seller would take my check, even though it was out of state. The other seller agreed to take payment by Venmo. However, at the last minute he asked for it all in cash. That seemed a little sketchy to me–showing up at a stranger’s house with $1400 in cash–so I ended up backing out of that deal all together.
What do you get when you buy a used Peloton bike
Well, that depends on what the seller is including. Many of the listings I saw on the Facebook Peloton Buy Sell Trade group included the same items we got with our “The Works” package when we bought our bike. That would be the headphones, heart rate monitor, bike mat and shoes.
FYI, if all you need is a bike mat, it’s much cheaper to buy them on Amazon. Here is my review of the Peloton bike mat, which includes other options for buying one.
Does a used Peloton bike come with Peloton digital
I chatted with Peloton customer service about how I could log into the used Peloton bike I wanted buy. I figured that since I already had an account and profile, I’d just log into the new bike this way.
Wrong. Each bike comes with a unique key and therefore a unique subscription. So, even though I already own a bike and pay $39.99 for my subscription–which gives me Peloton digital as a “free” add on–I’d need to pay for a second subscription for a second bike. This would be true if I bought a used Peloton as my second bike or bought a second one new.
How to activate a used Peloton bike
As I mentioned above, I thought that I could use my existing subscription on the Peloton bike I wanted to buy used. But after chatting with Peloton support, I discovered that I would need a unique “key” to activiate my used Peloton bike.
So if you decide to look into buying a used Peloton bike like I did, keep this in mind: once you get that bike home, you cannot just plug it in and ride. You’ll need to call or chat with Peloton support to activate the bike first.
Did I buy a used Peloton bike or new?
So, what do you think I ended up doing? Did I save a couple hundred dollars and buy the used bike I found on Facebook Marketplace?
Actually, I ended up buying a new Bike Plus. Why? A couple of reasons.
Pros of buying a new Peloton bike versus buying used
First, as someone who blogs a lot about Peloton, I thought it would be important to own the Bike Plus. I want to be able to write about it, review it, and share its pros and cons, and more, just as I have about my original bike.
Second, remember how I mentioned that when you buy a used Peloton bike, you don’t get a warranty? Well, in the end I decided that I did want a warranty.
It’s one thing to buy something used on Facebook for a couple hundred dollars and risk not having a warranty. It’s an entirely different thing when you’re spending more than a thousand dollars.
Third, to buy a used bike meant that I had to go get it. In my own car. And lift and carry it to said car with my husband, ourselves.
What if I broke it taking it out of the seller’s home? I just didn’t want to deal with the hassle of that worry. By buying the bike from Peloton, they’ll deliver it to my home.
Fourth, my payment was secure. When you buy a new Peloton bike, you can pay with your credit card or finance the bike with Affirm. When you buy a used bike, you’re giving cash to a stranger.
Cons of buying a new Peloton bike versus buying used
Besides spending more money on the bike overall, one of the biggest cons of buying new is the wait for delivery. I purchased the Bike Plus in mid-February. The first available delivery date was April 2. Had I bought a used bike, I would have had it the next day.
Another con: even though I don’t have the bike yet, I’m already paying for my subscription. That’s because, as I mentioned earlier, every bike needs its own subscription.
Of course, Peloton promotes this as giving buyers like me access to the Peloton digital content while we wait for our bike. But I don’t need that. Because I already have a subscription I’m using.
I thought about protesting this with Peloton. You know, I already have the app. So, don’t start charging me $39.99 a month for my subscription until my bike is delivered.
But we’re talking $80. For $80 I can think of a better use of my time.
Overall thoughts on whether to buy a used Peloton bike versus buying new
So, what would you have done if you were in my shoes? Would you have saved the money and bought a used bike–even if it meant moving it yourself and voiding the warranty? Or, if you were buying a second bike, like we were, would you have used it to buy the newer model of the Peloton bike?
By the way, if you think you want to buy new, don’t forget to get a referral code to save $100. You can use my promo code to save money when buying a new Bike or Tread. That is, when you use my promo code M3JRHF, you’ll save $100 on Peloton accessories. The code is good in the United States, Canada and the UK.
If you’ve bought used, did I miss any tips or tricks in this write up? If so, post a comment and let me know.