Are you trying to sell your Peloton bike? you’re not the only one

A few weeks ago, I stared at my peloton, annoyed. The last time I used the bike was last year, before I even moved into this apartment. Now it takes up space, collecting dust in my spare room. (Once in a while, it serves as a clothes rack.) I decide to sell it.

Or, at least, I tried: The resale market is crowded, with some bikes selling on Craigslist or Facebook Marketplace for 50% of their original price, which starts at $1,895 (or $2,245, depending on when you bought them). In New York City, where I live, a recent Craigslist search turned up 106 pages of results for bikes for sale, mostly Pelotons. “I just want it to go away,” said one seller. It’s a similar story in Austin, Texas, where some people priced pelotons from $600 to $700; In Chicago, a vendor posted a short seven-word story: “Peloton size 39 cycling shoes have been worn once.” The The pandemic may not be over, but it looks like the trend of this pandemic era may be.

This was not always the case. In September 2020At the time I bought my Peloton, the company said it had more than 1.09 million fitness subscribers, up 113% from the previous year, and about 3.1 million members in total. Like many others, I bought the bike and immediately bought into the cult. I would start my days with a half-hour flight, taught by coaches, and I grew up in a one-sided first-name relationship with (Cody, Alex, Ally, Robin!). I was going to do a 30-minute “sausage ride into the club” after work. I’ll be riding for 60 minutes this weekend. What else was I doing, anyway?

Like many others, I bought the bike and immediately bought into the cult.

But in the spring of 2021, I got vaccinated, and my world reappeared, albeit in fits and starts. I went back to bars and restaurants, went on vacation, and started working out with a strength coach instead of focusing on cardio. I soon realized it was a relief to get off the bike, which tended to make me over-focus on scales and numbers rather than whether I was actually getting a good workout and enjoying myself. (Although, again: What else was I doing, anyway?)

As my peloton dwindled, so did the company’s numbers. As 2021 and 2022 progress and the economy reopens, sales of connected fitness products like Peloton have slowed. In January 2022, the Peloton temporarily Production stopped of its products with faltering demand. A few weeks later, the company 2800 workers laid off About 20% of its employees. Today, the company’s $3 billion market capitalization is a fraction of an all-time high of about $50 billion in January 2021. The company, which has lost money for six straight quarters, mentioned $1.2 billion quarterly loss in September.

In recent months, Peloton has made attempts to win back customers, reopening a personal studio in New York City this summer and adding a $3,195 rowing machine to its lineup of fitness equipment this fall. The company tried to sell its merchandise on Amazon, and indeed it is Try to compete with the secondary market itself, which is conducting a brief test in August of the Certified Pre-Owned Bike Program, which allows people to purchase used Pelotons through the company. Meanwhile, the cycle of the soul Take a cheap shot, an offer to lure Peloton riders by letting them trade their bikes for 47 SoulCycle lessons inside the studio. (It’s fair trade: at $35 a pop, the 47-class SoulCycle is about the same as the bike’s now $1,445 cost.)

It seems like it’s all too late for many of the former fans. Likes tie-dye track suits And the instant potsPeloton could feel like a stuck trend in 2020, and who wants to stay there? Abby, who lives in the Bay Area and bought her Peloton in April 2020, says her bike was her “remembrance of feeling like a human again for the first few months.” But in the end, it wasn’t soothing. “I almost started to associate it with the pain and isolation of the pandemic,” she said. “I eventually decided to go back to a personal local yoga studio that I love rather than keep up with my bike payments and the increasing cost of membership.” (Earlier this year, Peloton made changes to its subscription pricing structure. Beginning June 1, the cost of membership has increased to $44 a month, from $39). In May 2022, Abby sold her bike.

“I almost started to relate [the Peloton] With the pain and isolation of the epidemic.”

Similarly, some loyal users told me that while they initially loved the Peloton for their online community, they eventually got tired of cycling alone in their apartment. Cory Kindberg, director of strategy at an advertising agency, sold his Peloton Bike+ – the brand’s signature offering – before he moved from New York to Los Angeles in 2021. “I rode this thing a little religious and really loved it, but then its appeal really faded” . “I was really starting to hate that it was just sitting in my apartment bothering me.” Solo trips didn’t do it for him. “The magic of the workout class for me was not the exercise, but the energy in the room,” he said. “I didn’t get that on the bike. It wasn’t the same.”

To be fair, Peloton does offer personalized lessons In the studio in New York – But, obviously, not all Peloton fans live in New York. Alison Dabber, a Washington, D.C. attorney, has struggled to become a Peloton person, even though she was previously a class person. “I loved that I could exercise at any time,” she said. “But really, no one was forcing me to stay on the bike all class or work so hard.” In October 2021, she sold her salary for $1,000.

Other sellers are optimistic that they are stuck with their bikes, at least for now. New York City PR professional Yael Berger bought Peloton in August 2020. Now, she’s looking to sell. (She’s still a peloton person at heart, she says, but now she’s training for the New York City Marathon and has a strict fitness schedule focused on running with little room to spin.) This is partly due to the current state of the Peloton resale market. “The resale market is not worth it now,” she said. “I bought my bike for about $2,000, so to only get $500 in return, I’d probably keep it and use it when I wanted.”

Another possible reason people are skipping over Pelotons: The tides have changed in terms of how we think about wellness. After all, Peloton isn’t alone in its flop. Despite its recent drilling in Peloton, SoulCycle isn’t doing any better: In August, the company announce It will close 25% of its studios. Many of the people I’ve spoken to who have decided to ditch their pelotons don’t go back to high-intensity penal exercise classes; Instead, they mentioned taking on new forms of fitness like hiking, weightlifting, yoga, and Pilates. These activities are certainly challenging, but they are a persistent type of difficulty, dependent on strength and endurance. In general, activities like hiking or yoga are less intense and scale-driven than common pre-pandemic workouts, like SoulCycle, Orange Theory, or, yes, Peloton.

It’s part of the general fitness trend that journalist Rina Rafael noted at Latest Newsletter: Generation Z resists the highly productive health and fitness “hustle culture” elements of the millennium. Life Is Hard Enough – Why Should Our Workouts Be Harder?

Then again, maybe not that deep. Raphael, author of the new book, noted that it is very common for people to give up their fitness technique once modernity is over. The Wellness Gospel: Gyms, Teachers, Goop, and the False Promise of Self-Care. “I’ve often heard the same thing with Fitbits — a high percentage of consumers are tired of their trackers and throw them in a drawer after six months,” she said. “At the end of the day, you have to love what a tech product offers to stick with. Otherwise, you’ll get bored and move on to the next big fitness fad.”

Not sure what will happen to my peloton. I’ll try to dump it for a friend in the neighborhood first, and if that fails, I’ll sell it at a discount on Craigslist. I’ve got everything I need from him, and now it’s time to move on. So said one salesman in New York: I just want her to go away.

Leave a Comment