At the height of the pandemic, when gyms were closed and Americans were desperate for ways to create endorphins, at-home fitness equipment — like the Peloton spin bikes and treadmills — experienced a spike in demand.
This craze proved to be short-lived and companies like Peloton are halting production. In fact, 51% of Americans abandoned their at-home gyms, according to a survey by exercise site Bar Bend.
If you bought a Peloton bike but aren’t finding much use for it these days, now is a good time to sell, says Byron Binkley, founder of Sella, a service that will sell your used items for you on marketplaces like Craigslist, eBay, and Facebook.
“Fitness equipment has a pretty consistent secondhand market as it carries a high price point and often is in ‘like new’ condition,” he says. “Peak times are what you would expect, both around New Years Eve resolution season and leading up to summer months.”
You’re not the only one trying to get some money from fitness equipment.
“We’ve seen about a 20% spike in listings related to home fitness and Peloton, and Peloton accessories, compared to last quarter,” Binkley says.
That means you want to price in on par with other resale listings.
Leah Ingram, founder of the blog Real Sophisticated Consumer, belongs to a buy, sell, trade Peloton Facebook group with more than 200,000 members. She sees bikes selling for about $1,000.
Plus, on January 31 Peloton implemented a new $250 charge for delivery and setup for its bike, and an additional $350 for its Tread. This might make those in the market for the bike more likely to buy it used, Ingram says.
“Selling a Peloton is a lot like selling a house,” says Ingram, who also authored the book “Suddenly Frugal: How to Live Happier and Healthier for Less.” “It’s not what you think your bike is worth; it’s what the market can bear. Right now, the market will bear $1,000 to $1,200 for a used bike.”
Even if you paid closer to $1,500 for the bike, which is the retail price on Peloton, remember that you’re selling it without a warranty and with some wear.
“I don’t think anybody selling a Peloton will have a problem selling it as long as they price it correctly,” she says.
Shipping costs of a bike will be pricey and packing it might be tricky. That’s why it could be smarter to sell it on a local marketplace and ask buyers to pick it up.
“I would think the seller would want to come pick it up,” she says. “They are going to want to try it. I would not take a bike shipped, sight unseen, unless it was coming directly from Peloton.”
Before you sell, be sure to do a factory reset. You can find information on how to do so on the official Peloton site.
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