Like anyone with an unstoppable urge to work out often, I got swept up in the Peloton hype during the days of lockdown when exercising felt like a privilege.
I splashed out on a brand-new Bike+ after a three-month trial, where I reviewed it for your favourite tech site. After the review period, I had the option to either send it back to Peloton or buy it at full price - an eye-watering amount for me, just shy of £2,500 / $3,400. Gulp.
It was well beyond my means at the time, but the bike had become a staple of my daily routine. Jumping on the saddle during my lunch break broke up the day nicely. By this point, I was hooked on Cody Rigsby’s camp yet cutting spin classes and, dramatic as it might sound, I couldn’t imagine a life without it. So I justified the cost by telling myself: it's not just a bike - it’s a gym, it's super convenient, and it's my social life all rolled into one.
Smitten: Right after my first ride on my Peloton, hours after it had arrived
For a while, it was brilliant. I loved how versatile it was, and the competitive edge it had through the leaderboards kept me engaged and motivated. But once life returned to normal and gyms reopened, the novelty wore off and, naturally, my enthusiasm faded.
A year later, my like-new Bike+ was taking up some much-needed space and - I’m almost shamed to say it - collecting dust. That’s when I bit the bullet and sold it, listing it on eBay with a starting bid of just 99p / $1.35. Thankfully, the auction ended at a much higher price than that - but still nothing near the RRP I’d paid for it.
Even though it had been kept in top-notch condition, and has bundled with all sorts, from cycling shoes, exercise mats, additional weights and whatnot, it still only sold for just over a third of the price I’d paid (£900 / $1,200).
What I didn't know at the time was the Bike+’s resale value would plummet the moment it arrived on my doorstep. It was a painful lesson to learn, that buying new was a big mistake - not only economically, but environmentally, too. And this has made me rethink everything when it comes to buying any kind of gym equipment, not just a Peloton bike.
Peloton’s resale shake-up
Since the post-pandemic pedal craze has cooled off, the demand for used bikes - and the amount of people selling them - is booming. Noticing the trend, Peloton set up its own second-hand resale channel, flogging refurbished Bikes and Bike+ directly through its website and even on official eBay channels to get in on the action.
But resale isn’t just a DIY garage-sale any more. New companies are coming on the scene and taking advantage. Brands like Sell My Gym Equipment and Trade My Stuff have stepped up, with the latter offering “white-glove” service - picking up, delivering, and setting up your bike - at a fraction of the cost.
According to Trade My Stuff co-founder Kelsey Lluberes, their bikes start around $499 / £366, compared to the refurbished price of $1,000 / £730 from Peloton's official channels. That’s for a less advanced Bike gen 1, but still a whopping saving.
Other platforms like eBay, Facebook Marketplace and Gumtree have also caught wind of this second-hand surge, making transactions easier than ever with certified refurbished programmes and streamlined delivery options.
Spin without the spend: How to score a bargain bike
For those of you who are considering buying a Peloton bike, or any gym equipment for that matter, here’s how I’d do it differently next time:
Check Peloton’s certified resale section or official eBay store
Peloton’s own refurbished bikes are inspected, come with limited warranties, and often cost hundreds less than new.
Use white-glove services like Trade My Stuff
They handle pickup, delivery, assembly, and even provide an 18-month warranty. Coverage comes in flexible options and accessories included.
Vet private sellers properly
If buying from individuals, check the bike’s generation (Gen 1-3), request purchase proof, usage stats, and device photos or videos, especially of the display and pedals.
Factor in delivery and setup costs
These can add up. Make sure whoever’s transporting the bike can install it properly - ask if that’s included or an additional cost.
Consider ongoing costs
Even second-hand bikes need a Peloton membership - currently $39 /£39 per month. Some sellers transfer unused credits, so something to ask about.
Versatile exercise: Me doing a floor workout with the Peloton Bike+
Never buying new again
The main thing I've learned from this is that you really don't need to buy new, especially when it comes to gym equipment. Now, I’d never slap down full price for a Peloton after seeing how much value you lose.
Second-hand and refurbished units are not only affordable and eco-friendly, but they work in the exact same way and come with plenty of buying options. Whether you go through Peloton’s own marketplace, white-glove resellers, or vet a private seller, you can bag yourself a top-notch bit of kit for a fraction of the cost.
That goes for most other exercise equipment, too. There’s definitely a growing shift toward buying fitness gear pre-owned, not just because it’s cheaper, but because it just makes more sense in a world where tech dates fast and routines change even faster.
If I ever want to ride again, I’ll go second-hand - every time.
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