After years of wanting a Peloton, I finally picked up a used Peloton bike in October of 2024. I get the sense the Peloton’s user base must be down, judging by the amount of used bikes for sale in my area (there are tons). Plus, people are okay going to gyms and restarting their fitness out of the house (this is only an anecdotal thought, though).

For me and my lifestyle, some home gym workout equipment makes sense. I wanted the Peloton bike because it meant I could do any length of workout without being too far from home. I like that for myself, with young kids in the house.

Previously, I’d typically go running, but if I want to do an hour-long run, I’d be probably 30 minutes from home if there was an emergency. If I’m doing an hour ride on my Peloton bike, I’m already right at home and can stop and help if someone needs me.

So, is a used Peloton bike worth it?

For me, yes. 100%.

The biggest reason is that it got me to work out more often than I was working out before. When it’s cold and getting dark early (we live in the Northeast and moved to the suburbs), I don’t want to run outside. I’ve figured out how to run in the dark and I just don’t love it.

Because I work from home, I would go a few days with barely getting more than 1000 steps. Having access to a Peloton bike in my house means that I can easily do a 30-60 minute workout and stay fit while working remotely. The barrier to entry for a quick workout is much lower than it was before.

Are you sold already?

What’s changed since previous years of bike ownership

Since 2024, Peloton now charges $95 to active a used bike. This page on their website explains it. I don’t like this. Peloton gets the same amount of money from 2 months of memberships. And I’m just getting a used bike activation.

New bike owners are new customers for the most part. This feels a little greedy to me. But whatever. If you join a gym, you get the same runaround with activation fees (that you can typically waive, by the way).

You can consider this as part of your used Peloton bike, and you can know about it, going into buying a used bike. Knowing this, you can lower your initial offer with the seller on Facebook Marketplace or Craigslist.

This was point #1 that made me wonder if Peloton’s users are going down and if they needed to recoup some additional revenue lines. This is pure speculation from me, though!

Bike or Bike+

I considered looking between the Peloton Bike or the Bike+. I didn’t really have a preference and because I was buying a used bike, I honestly would have taken whichever type was the most convenient to pick up.

In terms of the features, the compare page is probably a good place to get started. Here are some features and why I was okay with a regular Bike, and not the Bike+.

  • Touch screen: I’ve tested the Peloton Bike at the Peloton store in my local mall, and the screen is good enough. I didn’t need a bigger screen nor a a swivel screen. The anti-reflective coating wouldn’t have made a difference for me, with where I was putting my bike.
  • Computer: The actual Peloton “computer” (AKA Android tablet) is much better in the Bike+. However, I’ve never really thought that it would make the riding experience any better.
  • Speakers: I don’t need speakers because I’ll either use my own, or most of the time I actually use headphones.
  • Resistance knob: I don’t want them controlling it. So, I would disable that feature if I had the Bike+ anyway.

Aging equipment

One of the things about buying a used Peloton Bike is that it’s old. LOTS of people are selling their Peloton bikes that they picked up during the pandemic. The Bike+ is the newer model.

From what I could find, even if you buy a new bike from Peloton, it might actually have been made a while ago. It was hard to find real information about this, so don’t take my word for it.

Even so, let’s say you buy a used one. It was probably from 2020 and the person you’re buying it from probably didn’t use it a ton—or at least not recently, which is why they’re selling it in the first place. Many people I spoke with said they were using their Peloton bikes as laundry racks in their basements. I am serious.

I thought about this and then thought about spin classes when I used to belong to a gym. Those bikes were probably pretty old, and as long as they’re kept up with, they’ll last a long time.

I did a lot of research about fixing certain parts of the bike (keep reading) and I realized that it’s fairly simple in its construction.

Anything that breaks is fairly easy to repair, so the age of the manufacturing isn’t a huge deal, in my mind.

Retail stores to try before you buy

One of the cool things about living where we live is there is a Peloton store in a nearby mall. Well, there used to be. This is point #2 why I think the users are down (it closed permanently, as an update. We were shocked).

With having a small child, one of the things we do/did in the winter is go to the mall and walk around. When we saw the Peloton store, we went in and tried the Bike, Bike+ and the Tread.

It was nice to see it in real life, experience the difference in screens, feel the quality, try and clip-in and see the accessories. Of course, Peloton retail stores are also beautiful, with impressive private rooms, bathrooms, showers and cool amenities that other stores do not have!

Look on Google Maps for a Peloton store near you and see if you can check it out before buying one. (Before you commit to making the visit, look at the Google Maps reviews, how recent they are and what people are saying, to make sure it is still open so you don’t fall into the situation we fell into when we went to the mall to go to ours, but it had closed.)

Renting options

Another option that I considered before buying my bike was renting. One of the things that has changed is that you can only rent the Bike+. As a benefit, though, the renting option includes the rental membership ($44/mo).

It’s essentially financing the bike, if you want to keep it long term. I did the math, and found that buying it out from the rental agreement is super expensive. It was a little more manageable with the Bike, when you could rent that. With only the Bike+ being rentable, it makes that math a little harder to rationalize.

Tips for buying a used bike

Because I bought a used bike and opted not to go for a new Peloton bike or a refurbished Peloton bike, here are some tips that I used when shopping around:

  • Ask within your network. Buy from someone you know, because they’ll hopefully be honest about the amount of time they actually used the bike. They might also throw in the bike mat or their bike shoes. This can be great if they barely used them.
  • Try it out before you buy it. Make sure it works, like make sure the screen turns on and that the bike moves without making any noise. Peloton’s used bike page has a lot more info.
  • See if you can get your seller to throw in shoes or a mat. Or choose to buy from someone who is selling shoes in your same size. New shoes are expensive and that can add to the cost a lot. The shoes market is good for buyers, especially on Poshmark. My wife Becca got her Peloton shoes on Poshmark for less than $30 and wrote about it in how to get a great deal on Poshmark.

How to move a used bike

  • Move it yourself. Bring one or two (strong) people with you when trying to move it. The flywheel is the heaviest part. And if you don’t want to take that off, it’s really front-heavy. I moved it with one other person and we managed.
  • If you move it yourself, you’ll need a car with a high clearance. A hatchback-style car probably won’t work. You’ll likely need a large SUV or a minivan. I did look into if moving with a sedan was possible. You could try it, but it requires taking apart some more of the bike. The frame cannot be taken apart. If that wouldn’t fit in your trunk, then forget about it.
  • I suppose you can hire a moving company that is insured. You can go with a handyman or Task Rabbit as well. The risk is that if the bike is damaged, you’re out of luck. The problem is, it makes the cost a lot higher and it makes getting a refurbished bike directly from Peloton a little more reasonable.

Should I buy a new bike?

Unless you want a Bike+, you like new things or you have unlimited money, buying used is the way to go. I guess if you’re worried and you want the warranty, the new and refurbished bikes are nice. When I was evaluating this, it was really a cost-to-risk ratio.

I technically lost(?) because after a few weeks, the bearings on the flywheel started making noise. From what I can tell, you can ride the bike with no issues, but it’s a little noisy. You can change it yourself, or pay the $100+ in getting a service call.

Hardware aside, how is the software?

The bike software and classes are good. They feel unchanged and the instructors are still putting out high-energy classes, same as during the pandemic and pre-pandemic. I wish I could actually use the screen as a TV and mirror my laptop so that I could take meetings or listen to webinars from the bike.

I wanted to get YouTube set up on the bike. It seems like Peloton actively tries to take away hidden workarounds. My guess is that it is because people were taking general spin classes and not paying for the membership.

Peloton does have a few streaming services that you can use. I saw access to Disney+, Peloton’s own content, Netflix and YouTube TV.

You can get something like this flexible phone stand that I have, and you can keep your phone or iPad on the bike screen.

Takeaways

I hope you thought that this guide was helpful if you’re choosing whether or not you want to buy a Peloton and if you should get a used one.

Like I said in the intro, having the bike has been great in being able to burn a few hundred calories, and save myself time. For me, it’s no more driving to the gym ,or spending time trying to leave the house. Your gym is where your bike is. Your bike is your gym.

I’m happy with my decision to use the Peloton bike. I use it 4-5x per week and I’m even starting to enjoy 75-minute classes! It’s not like it’s the MOST affordable way to start a home gym because of the price for buy-in to the Peloton membership and lifestyle, but it’s more engaging.

Maybe if I was in my 20s, I’d think that the Peloton was getting a little out of style. And in my 30s, I kind of see that.

The format of the classes hasn’t really changed since the beginning. They’re doing what they do best: get people to burn calories and love the instructors.

But to the company’s credit, general spin classes, running or standard lifting programs don’t really change, either.