Peloton may soon let you rent a bike instead of buying one upfront
Peloton knows its bikes are a huge upfront investment and hopes this new model will slowly draw more customers in.
When’s the last time you looked up the price of a Peloton bike? Well, they’re not cheap and the lowest priced option will set you back at least $1,495. And to boot, this doesn’t even include the $39 monthly subscription for classes.
Trying something new, the company is testing out a plan that lets users rent the bike instead of buying it. It seems the new subscription is only for bikes, however, and doesn’t include the company’s treadmills.
The only kicker here is that the plan’s monthly cost jumps up to $60-$100 a month, reports the Wall Street Journal. If a customer cancels their subscription, they can return the bike for free.
“Peloton has created a limited pilot program in select US markets to explore various pricing models and options for new members,” the company said in a statement. “This aligns with Peloton’s belief that intuition drives testing and data drives decision making as the company sets course for the next phase of its evolution and growth.”
Peloton’s newly minted CEO, Barry McCarthy, knows that its company’s bike can be a huge upfront purchase, and recognizes that its subscription service is the company’s bread and butter.
And for customers, this is a win-win situation. Being able to use one of the hottest exercise bikes on the market with no upfront costs and the ability to cancel anytime will be a huge draw for folks looking to make the jump to one.
Peloton’s new subscription model is currently being tested in Texas, Florida, Minnesota, and Denver. So if you’re living in any of these markets and are looking to give Peloton a shot, this seems like a pretty good opportunity.
- Peloton machines now work with Apple Watch
- Peloton finally learns most people don’t give a damn about pricey fitness equipment
- Fitscope Studio is like Peloton, but for low-impact workouts
- Peloton is working on an in-app video game where you control a wheel