Peloton Bike trade-In program: Here’s how it works

With the announcement of the new Bike+ yesterday, Peloton also announced a new trade-in program for owners of previous Peloton bikes to lower the purchase price.

For Peloton owners who want the latest and greatest Bike, the trade-in program is the easiest way to lower the cost of the new Bike+. Peloton offers a $700 credit offer for Bike+ when trading in a previous bike. Here’s how the process works:

• Choose the Trade-In on the add to cart screen
• Review eligibility requirements
• Click add to cart
• Check out like normal
• The accessories kit that is offered with the trade-in will be added automatically.

One benefit of trading your Bike into Peloton is you will be able to keep it until your new Bike+ is delivered. When the Bike+ is delivered, the delivery team will take your old Peloton Bike with them, and then you will receive a $700 credit on your original purchase method within 10 business days.

A few things to keep in mind when trading in your bike:

• You must be the current owner of the Bike.
• It must be an original Peloton bike and authentic screen.
• The frame must function normally.
• The frame and screen must be free of adhesives, paint or cosmetic markings, cracks, dents, rust, or other major damage.
• The screen must power on.

Trading your Bike in to Peloton is going to be the easiest way to receive money off the Bike+, but with demand for Peloton equipment still at an all-time high, it will certainly be more profitable to sell locally using Craigslist or Facebook Marketplace. If I sold my current Bike, I wouldn’t take any less than $1,500.

If you’re upgrading to Bike+, are you trading in your Bike or selling it locally? Are you looking to buy a used Peloton? Check eBay.