Buy A Used Peloton Bike Versus Buying New

Last year, I considered whether I should buy a used Peloton bike versus buying one new.

You see, we’d recently bought a vacation home where I had hoped 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 addition, it was our plan to rent out the home when I’m not staying there. You know, make some extra money by listing it on VRBO.

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 wanted my Peloton house to be included.

Why wait times for new bikes might want to make you buy used

Anyway, I knew that the wait time for new Peloton bikes was really long.

I’d heard about this from people on Facebook who had decided to buy a used Peloton spin bike versus buying one new.

Most people made this decision because of the wait time. But, also because it could be cheaper than buying new.

Therefore, I wanted to share what I learned.

Also, how I researched my buying decision and, finally, what I decided to do.

Did I end up buying 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.

Here is an article about what you need to know about buying a Peloton refurbished 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 near you on a local marketplace

When I say “local” marketplace, I’m talking about online sites. That would be some of the following:

• Craigslist
• Facebook Marketplace
• Facebook local groups
• Peloton Buy Sell Trade Group on Facebook 
• Nextdoor

There are plenty of other apps where people buy and sell items.

If you are looking for “used Peloton bikes near me,” these sites are where you should look.

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 167,000 217,000 people in the BST group! So, there are many people selling used spin bikes.

Here is my article on my favorite Peloton Facebook groups.

Buy a used Peloton bike on eBay

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 bike 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. 

Buy a used bike in Germany via eBay

Peloton has set up a shop on eBay for German sales. Through this eBay storefront they’ll sell used and refurbished bikes to German user. 

Right now those bikes are priced at 990 Euros.

Here is a link to the German eBay storefront.

Purchase from family or friends

Most of the people I talked to who found a used Peloton bike for sale did so through 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. Plus, they didn’t want to take the bike.

Two, they’d upgraded to the Peloton Bike+ aka 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.

Three, they bought the bike. Then, 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.

Or, they need extra money, what with inflation and all.

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 this: what generation the bike is.

How do you identify the Peloton generation? 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 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 used Peloton bikes 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 will have the word “QUARTZ” on the back of the monitor. Gen 3 bikes have “RB1VQ” on their monitors.

Identify Peloton generation of monitor

So, to repeat, here is a quick way to identify the Peloton generation:

• Gen 1 has QUARTZ on the monitor.
• Generation 2 Peloton bike has RB1V1 on the monitor.
• Generation 3 Peloton bike has RB1VQ on the monitor.

Other questions to ask about the used Peloton spin 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.

For example, did this person buy it used from someone else before selling it to 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?
• How many cumulative rides does the bike have?

Between my husband and me, our 2016 bike easily has 2,000+ rides on it. I mean, I just passed 1,550 rides on my own.

The guy selling the used Gen 2 bike I wanted to buy said he got the bike in 2016 (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.

Can you provide proof of purchase?

Recently, someone posted in a Peloton Facebook group that she’s gotten ripped off buying a used Bike Plus. The details of the transaction are a bit fuzzy but this was crystal clear: the seller sold her a bike they’d gotten through the Peloton rental program.

However, the seller had decided to stop paying for the Bike and sold it fraudulently. When the buyer went to activate it, she was told that Peloton couldn’t do it because she was not the legit renter and money was due on the bike. So, now she’s stuck with a bike and out a couple hundred dollars.

People are urging her to file a police report, assuming she went to the person’s house to get the bike. That way she’ll know where to send the police.

Regardless, this brings up a good point that I hadn’t considered until today: ask for proof of purchase. This might seem obnoxious, but if people are selling bikes fraudently, then by all means ask for proof that they are the legit owner.

A used Peloton bike does not could have a warranty

I’ve just updated this section of the article. Previously, 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 transferable. So, even if you buy a used bike that the seller bought 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. Think of it like Applecare for your iPhone or MacBook or iPad but for your Peloton.

New Peloton Protection Plan extended warranty

However, in April 2022 Peloton updated its policy about warranties. While the original 12-month warranty on a new bike does not transfer to a new owner, an extended warranty will.

Renamed the Peloton Protection Plan, this extended warranty provides coverage for your Bike or Tread for 48 months. So, four years.

It is available for U.S. owners only. The Peloton Protection Plan starts at $199.

Here’s what Peloton had to say about the transferability of this new warranty options:

“Protection plans sold after April 5, 2022 are transferable. If you are purchasing a previously-owned Peloton product, be sure to request and retain the protection plan order confirmation from the original owner in the event you require future service under this plan.”

This article explains this warranty in more detail.

How much does a used Peloton bike cost

I’d mentioned earlier that many of the people I’d encountered selling a used Peloton bike were doing so because they’d upgraded to the Peloton Bike+.

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 Peloton Bike+, 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.

Used prices before Peloton lowered the price

I should mention that Elaine sold her used OG bike before Peloton announced they were lowering the price of the OG bike.

At that time, that bike was selling for $1,895. Now it’s $1,495.

I imagine Elaine would have had to price her bike much lower to sell it now. However, I’m sure she still would have gotten way more than $700 for it.

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+, they lowered the price of the original bike to $1,895. Then, they lowered it again to $1,495.

The OG Bike is now for sale on Amazon. It is $1,445.

Yes, Peloton keeps changing the price of its equipment.

The Bike Plus costs $2,495. This is what we paid in 2016 for our original bike.

As I mentioned, now you can buy a new Peloton bike on Amazon. Plus, you may be able to get two-day Prime Delivery.

How to pay when buying 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. Again, this was when the new bike cost $1,895.

The sellers wanted a $100 deposit via Venmo or PayPal. Then, I would pay 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 $1,400 in cash–so I ended up backing out of that deal all together.

By the time I got back to the other person, they’d sold the bike.

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, all of these Peloton accessories are available on Amazon now, too.

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 to 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 now $44 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 activate 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?

Did I think it was a good idea to buy a used Peloton bike? In the end, no. (I’m making this sound like House Hunters, aren’t I?)

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+.

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.

Here is a link to all of my Peloton-related content on this blog.

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. Again, this was before Peloton changed its policy about the 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 when 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 Peloton bike, you’re giving cash to a stranger. Unless you know that person, this just doesn’t feel very secure.

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 was 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.

Now there is a third option for getting a bike–renting a Peloton.

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 Peloton bike? Or, would you buy new?

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.

Finally, since we did end up buying a new bike, here is a review of my bike delivery experience, including the time it took to actually get my new Peloton.