Last year I was trying to find someone who was looking to sell a used Peloton bike. We’d just bought a vacation home–our future retirement home–and I knew I wanted to have a bike there.
That’s because we’d be spending holidays and vacations at that house, and I wanted a bike to ride while there. I’d chronicled all of that in this article about buying a used Peloton bike versus buying one new.
Now let’s fast forward a year or so. In the next 12 to 18 months we’ll be moving to that future retirement home.
Note: I’m not retiring from writing this blog. We’ll just be relocating from Western Pennsylvania to New England to be closer to family.
Why I’m thinking about selling my Peloton
As you know I own a Peloton bike here in PA. Therefore, I don’t need one in New England. So, it makes sense for me to start researching now how to sell a used Peloton bike.
I mean, from what I’ve read, used Peloton bikes sell fast. And they retain much of their value.
Still, it never hurts to be prepared. Therefore, I’ll be sharing with you what I’ve learned about selling a Peloton bike.
How to sell a used Peloton bike
In this article, I’m going to cover the following:
- How to get your Peloton ready to sell
- How you should price your Peloton
- Where to list your used Peloton to sell
- Alternative options for selling a used Peloton
So, let’s get started with prepping your bike to sell
How to get your Peloton bike ready to sell
There are a couple of things you should do with your Peloton bike–and your Peloton account–if you’re looking to sell your bike but maintain your Peloton account. What do I mean maintain your account? In case you’re getting a Tread or just going it alone with the Peloton app.
One, you should download all of your workouts from the bike. You can do this on the Peloton website. Here are the steps.
Steps to download your Peloton workout history
One, head to the Peloton website.
Two, log in under “My Membership.” Then, use the menu to find “Profile” and click on that.
Three, click on “View Workouts.” On the top right of the screen, you’ll see an oblong button that says “Download Workouts.”
Finally, download your workouts. All of the information will go into a CSV document, which you can open in Excel.
Another reason to download your workouts? So you can calculate how many rides you’ve done on your bike. Some buyers will want to know this.
Remove and replace add ons and accessories before selling
You should remove any add ons to the bike, unless they’re part of the sale. This might be removing non-Peloton pedals you may have purchased so you could ride with shoe cages or SPD cleats, and putting the original Peloton pedals back on.
Or, if you bought a Top Form Design swivel mount or handlebar extender, you should take those off (you could probably sell them separately in the Facebook Peloton Buy Sell Trade group). That is, of course, unless you’re making them part of the sale.
Clean the bike before selling
In addition, clean the bike before selling. No one wants to buy a dirty bike.
If you’ve read my article on how to clean your Peloton–and you’ve followed my instructions–then you just need to give the bike a cursory wipe down.
Remove personal information from your bike before selling
Also, be sure you remove all of the profiles from the bike. You don’t want to sell the bike with your information still stored in the tablet.
How to factory resest your Peloton bike
Finally, you should do a factory reset of your Peloton bike. Here are the steps to do that.
To factory reset your Touchscreen:
- Power down your Peloton bike. That would be using the power button and then selecting “Shutdown” on the touchscreen.
- Once the bike is completely turned off, simultaneously hold the power button and the Volume Up button on the side of the screen.
- When the Peloton logo appears, let go of the buttons.
- Use the volume buttons to navigate whilte the bike is in “recovery mode.”
- Navigate to “wipe [all user] data/factory reset.”
- Use the power button to select this option.
- Confirm by selecting “Yes — delete all user data.”
- Once the data has been wiped, select “reboot system now.”
FYI, I grabbed these instructions from the Peloton website. You may want to direct your buyer to this page in case they have any questions about activating the bike after the factory reset.
How to price a used Peloton bike for sale
Many Peloton bikes retain their value. In fact, the newer the bike–and the fewer the rides the bike has had done on it–the more you can probably get for the bike. However, there are two things to keep in mind when pricing your used Peloton for sale.
What is the generation of your bike’s monitor
One, what generation monitor do you have? Some really old bikes have a Gen 1 monitor. These are sorely out of date, and maybe you’ve noticed some problems with the touchscreen.
If you have a Gen 1 monitor, you can reach out to Peloton to upgrade to a newer monitor, for $350. It might be worth getting before selling. With that newer monitor, you can probably get more for your bike when you sell.
Color of the Peloton power button doesn’t matter
How do you know if you have a Gen 1 monitor? Some people say it’s based on the color of the power button, which is orange. That’s because the newest bikes have a gray power button on the back of the monitor.
That’s not entirely true. We got our bike in late 2016 and it has an orange power button. However, I know we have a Gen 2 monitor. How did I check this? On the back of the monitor there is a code.
Code that shows you what generation monitor your Peloton has
Here are the codes to look for on your Peloton monitor and what they mean.
Generation 1 Peloton monitor = model number contains 72010
Generation 2 Peloton monitor = model number contains RB1V1
The Generation 3 Peloton monitor contains RB1VQ, but you’re most likely to find these on the Bike Plus.
Price so you’re not competing with new bikes
Another thing to keep in mind is the cost of a new Peloton bike. As of this writing, a new Peloton bike (not the Bike Plus, unless that’s what you’re selling) is $1,495. Also, you’ll pay $250 for delivery and setup. And, a new bike comes with a warranty.
Even if you’re selling a new Peloton bike, the warranty does not transfer. So keep that in mind when you’re pricing the bike for sale.
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.”
So, if you’re selling your used Bike and you’ve opted into this Peloton Protection Plan, that will be a selling point for buyers. It might help you get more money for your bike, too.
Good price point for selling
Anyway, my research tells me that $1,000 is the most common price people will pay for a used Peloton bike. Remember: selling a Peloton is a lot like selling a house. It’s not what you think the bike (or the house) is worth but what the market will bear.
During times when Peloton had delays in getting bikes into people’s homes, you could charge a lot more. That’s because people didn’t want to wait for Peloton to get around to delivering their bikes.
Right now, if you were selling a used Peloton Tread, my guess is you could get a lot of money for it, even used. So many people are posting complaints on the Official Peloton Facebook page (OPP) about XPO canceling deliveries of Treads. Therefore, I think a used Tread would get snapped up quickly.
Where to sell a used Peloton bike
So, where do you go to sell a used Peloton bike? Well, online, of course.
There are a couple of options you can use. This includes:
What you need to know about moving a Peloton bike
Let’s say you’re successful in selling the Peloton bike. Well, congrats.
You should expect that your buyer will want to try out the bike before Venmoing you the cash or whatever. So don’t get the bike quite ready for moving…yet.
However, when it is time to move the bike, I would suggest you check out this article on the Peloton website. It provides tips for the safe transport of a Peloton bike.
Alternatives to selling a used Peloton bike
Of course, if you are simply looking to upgrade your old Peloton bike for a new one, you can consider trading it in. Once Peloton released the Bike Plus, it started letting original bike owners trade their bikes in for a credit towards a new Bike Plus.
At that time, some people took the credit, and Peloton picked up the old bike when they delivered a new one. However, many others decided to sell their old Peloton and buy a new Bike Plus. Because they were able to get more than the $700 that Peloton was offering as a credit.
So, if this describes your situation, you may want to try to sell your used Peloton first and see what you can get. If that doesn’t work, you can always trade it in for a credit.
Final thoughts on how to sell a used Peloton bike
I hope that I’ve covered all of the questions you came to this article looking for the answers to. If I’ve missed describing a situation that you find yourself facing while selling your Peloton, please let me know.
In addition, if you want to share your own story of selling a used Peloton, please post a comment. I’m sure we can all learn from our own collective experiences.
Finally, if there is a Peloton-related topic you think I should cover on this blog–and I haven’t yet–I’d love to hear your ideas.