Peloton will sell refurbished bikes in time for New Year's resolutions
Bike refurbishment program comes on top of a rental program Peloton started earlier in the year.
Peloton Interactive is offering refurbished bikes across the continental U.S. and Canada at a discount of up to $500 over new bikes, the company said Monday.
The program, called Peloton Certified Refurbished, will provide models priced at $1,145 and $1,995 with the same 12-month warranty provided with new bikes.
"We are excited to offer refurbished Peloton bikes at these new price points, opening the engaging Peloton experience to even more members," said Vice President of Emerging Business & Strategic Partnerships Amanda Shulman.
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Shulman continued, "All pre-owned bikes have been refurbished and checked to meet our rigorous quality standards, and our new program allows us to find these bikes a second home."
The fitness equipment maker was all the rage among fitness enthusiasts during COVID-19 lockdowns, with the company hitting a peak market valuation of nearly $50 billion in early 2021.
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However, with people returning to gyms, Peloton saw demand for its fitness equipment dwindle and saw its market cap slump to less than $3 billion currently. Shares are down more than 75% year to date,
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In an effort to increase ridership, Peloton previously offered certified refurbished bikes from their app for as low as $500.
Consumer disinterest in expensive spin classes is not exclusive to Peloton. SoulCycle, which offers in person cycling experiences, closed 25% of its stores nationwide in August.
SoulCycle, which is owned by privately-held Equinox, released their own at home bike in March 2020, which is currently priced at $2,500 but on sale for $1,500.
The company earlier this year expanded its rental program in the U.S., giving consumers a month-to-month option on its Peloton Bike and Bike+ models.
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Reuters contributed to this article.