David Philipp, a friend of mine, reach out to me to ask for some guidance. He was moving to Philadelphia from Utah. He weighed 210 pounds on average at 45 years old. In 2019, he bought a Gen 3 Peloton and wants to sell it.
But he didn’t know how to sell his used Peloton Bike. How much it can retain in terms of total value?
Surprisingly! I was there to guide him due to my experience with selling and buying nine Peloton bikes prior to that. It was known to David! And I am confident enough to guide my readers too.
So If I momentary answer the question that you can easily sell your used peloton bikes via the medium of the official peloton trade-in program or you can sell it to your friends, neighbors, family members, or any person who needs it through Facebook groups, Craiglist, eBay, Threadup and Tradesy.
However, did you know that if you miss some essential steps, you can lose the actual retail value of your bike? What are they? Let’s find out.
Why Do You Need To Sell Your Used Peloton Bike?
The fact that you are reading this blog implies that you must have a reason for selling your peloton bike. Everyone has their own reasons. If I speak of David, it was obviously very clear in his case that he couldn’t be moving out from one state to another with the heavy old stuff.
Thus, relocating can be the one major reason for selling. There might be a case that someone wants to upgrade their bike generation from 1 to 2 or 3. Remarkably, there is an option available of upgrading your bike to bike+. And some would prefer to join the gym rather than work out at their home.
If you are getting good value for money from your old stuff, then why wouldn’t you think about selling it on the spot? How can I be so sure to emphasize that you’ll retain a good amount from your old peloton bike? Let’s look into it.
How To Sell Used Peloton Bikes?
Due to the technological advancements happening around the globe, today it is very easy for anyone to access services with a single click away.
If I guess you must have bought your first peloton bike for 1600-2000$ from the market, depending on the generation you bought. Now you’d be considering upgrading your machine to bike+ which is a little bit more advance in features than the previous one. But what would you do with your old bike?
Needless to say, here is everything for you to explore the different options that enable you to easily trade your bike without breaking the bank.
I want to put an important disclaimer here before jumping ahead, you can sell your peloton bike to a new owner but Peloton states that “Bike and Bike+ Limited warranties are not transferable to secondary owners.”
1. Peloton Trade-in-Program
Can you imagine that Peloton itself runs a program for registered members? You can exchange your old or used peloton bike with the help of this service for the upgraded one which is peloton bike+. Isn’t it amazing?
Yeah, I was also astonished first to know this fact when I was connected with one of the Peloton instructors who told me.
Basically, the program is where you bring your used Peloton bike to any Peloton store for the exchange with Peloton Bike+, and you’ll receive a credit of 700$ that you can use exclusively for Peloton Bike+ as well as 200$ worth of workout accessories.
The accessories can be included Like exercise mats, dumbbells, bands, or straps.
Do you think that the program offered by peloton can be worth of real value of money?
The answer might be yes or no. Because the positive side of using a trade-in-program is the peloton itself gives the services which ultimately save your time and energy in negotiation and setting prices. But the downside of this program is, you won’t get the high amount of value that you can easily get through other mediums. What are those other mediums? Let me take you there.
2. Social Media Groups or Marketplaces
First, it is important to know this: Peloton doesn’t endorse anyone or affiliated with any private or public group created on social media. You are completely responsible for your own purchase no matter what happens to your deal with the buyer.
There are many platforms available on the internet used by members of the peloton that you can use to list your peloton bike by providing all the required information.
If you are not worried about the non-transferable warranty issue, then it’s time to find out the best groups to sell your used peloton bike.
- Facebook Unofficial Private Group: There is a Facebook private group with more than 200 thousand members. It is an unofficial group of Peloton run by fitness enthusiasts who are passionate about connecting people with the best options on the market. Such as assisting beginner or advanced trainers, and connecting a buyer with a seller. Your job is to find someone in this group who might be living in your area, city, or state and is most likely looking for a used Peloton bike in a good shape. Other than the Facebook groups, you have the option of the Facebook marketplace, Craigslist, Tradesby, and Nextdoor.
- Another giant medium of interested buyers roams in the Reddit newsfeed. Reddit has groups relevant to the peloton bikes where the moderators try to assist their members with every nut and bolt of a New or used peloton bike.
- If your area is eligible for signing up for a seller account on eBay, then you can list your bike on eBay after putting in the right and relevant data, you might find a good buyer because of its popularity among secondhand marketplaces. Set your profile professionally, upload the pictures, and boom! You’ll be connected with a couple of interested buyers in your local area. If you close a deal with someone, it would be your responsibility to deliver the bike.
3. To Your Social Group
When it comes to avoiding fraudulence or scams on online platforms, there is only one group that can be trusted without any doubt. Your Family, friends, and Neighbors.
Ask them via sending a private message with the pictures to each of your close friends, family members, or neighbors. There might be a person who must be looking for a good machine and guess what! you just landed with the offer. What else he/she would be needed then?
The only reason for selling your Used peloton bike to your social group, is that you’ll get a good sense of coordination between both parties. The result of this healthy trade would be, you’ll get a good amount of your bike and a member of your community circle will get the best machine he/she was looking for a long time.
How To Set The Price of Your Used Peloton Bike?
Generally, the price of your used peloton bike would be decided according to the current condition, the total time period, the total rides, and the generation you have. The most demanded items of the peloton are the 2nd and 3rd generations because of its feasibility features and training gadgets that come along with it.
Do you remember a name above David Philip, whom I helped to sell his 3rd generation peloton bike? He sold his bike after 8 months he purchased. The condition was so good, and he used to ride 4 times a month. For that reason, he got 78% value of the original price which looks quite amazing.
Of course, the secondary owner didn’t get the warranty with it as the peloton doesn’t transfer.
If you want to get a high amount of value as compared to the original price, you need to ensure these points:
- The condition of the peloton bike must be clean without looking a rougher shape or any criss-cross lines.
- Make sure that the tablet of the peloton bike is operating without creating any bluffs.
- It is important that your Peloton bike should have a few rides, but it is not a critical factor.
- You can get a lot of value from the latest generation of bikes due to their high market demands.
- If there is anything wrong you feel with the bike or you listen to any noise of the ball bearing or the monitor and speaker creating problems, then you must fix it by calling any technician person from the peloton office.
- Having accessories like shoes, dumbbells and other add-ons with the bike increases its demand since it looks lucrative and fancy.
- Remove all your personal information and profiles from your Peloton bike.
- Keep the original sales receipt with yourself as it shows the evidence of the machine owner and the exact time period.
By considering the above points, I helped my friends and neighbors to sell 9 peloton bikes for 1000-1200$ on average. And this is the maximum average that you can bear in your mind while selling your bike depending on the year and inflation rate in your country.
To conclude my whole experience from the above blog is that you can sell your used peloton bike on online platforms like Facebook groups, Craiglist, eBay, Threadup, and Tradesy. Your job is to keep your bike in good condition and upload good professional pictures of it to these platforms. When a picture is good and sharp, it leaves a great impression on the buyer’s mind.
Let me know in the comments, how much value you got when you sold your first used peloton bike. What other platforms do you use rather than the ones mentioned above? We look forward to reading about your journey as well!
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