Peloton has lowered pricing for their bike lease program, One Peloton Club. Previously, pricing was not mentioned on the Peloton site, as it varied by showroom. Now that the costs are the same for everyone, I went and crunched the numbers to see whether it is worth it or not.
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One Peloton Club overview
One Peloton Club is a Bike and Bike+ monthly rental program; there is no commitment, and leasers have the opportunity to purchase the equipment at a discount after 12 months. There is a one-time $250 delivery fee, but no charge at the time of cancellation for Peloton to retrieve the bike.
Eligibility is limited to residents within a certain distance from participating showrooms and existing All-Access members are ineligible. The website does not state if the bikes in this rental program are new or are refurbished. Peloton support chat told us the bikes are new, but we remain skeptical given this is not stated as so on the website.
The landing page for One Peloton Club has been completely revamped. Before there was no pricing posted and it openly referred to it as “a pilot program.” – now, pricing is available and nothing to signify this is still in a testing phase. An additional participating showroom was also silently added (shoutout Skokie, IL).
Peloton recently lowered the cost of equipment and announced an upcoming monthly subscription cost increase. With that considered, and looking at the new rental pricing, lets’s compare and see if it’s worth it.
Peloton Bike pricing
Peloton Bike+ pricing
Peloton financing option
Peloton offers promotional financing for purchases of the Bike and Bike+. For a Bike, buyers may qualify for 0% APR on the cost of the equipment plus delivery, which is a $38 monthly payment for 39 months. For Bike+, those who qualify look forward to $47 a month, for 43 months, at 0% APR.
This financing is contingent on an approved credit application. It is a commitment to buy, but it allows the purchaser to avoid a large initial payment with any delivery charges rolled into the financed amount.
Connect the Watts’ Take
When looking at the numbers, we struggle to immediately see who One Peloton Club is really for. If someone is luke warm on the idea of buying a Peloton Bike, I don’t know that a large initial payment for delivery is something they could get past.
We asked Peloton support what happens after the 12-month lease period if you choose not to buy, but rather, continue renting. They said the buyout price will continue to decrease, but did not have further details to share at this time.
If you assume there is some cost saving with the combined monthly rental fee and the lower buyout price… we assure you, there isn’t. The rental program is not a way to save money if you’re interested in a Peloton Bike as a permanent part of your fitness routine.
With the information we were able to gather, and comparing the total costs, One Peloton Club seems like a way for Peloton to reach interested customers who may not be able to pay for the equipment upfront or may not be able to qualify for their financing. For those, this is a decent option to get the opportunity to have a Peloton Bike in their home.
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