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Peloton Interactive Inc. announced it would be selling refurbished bikes in the United States and Canada. For these items, customers can enjoy huge discounts of up to $500.
Peloton said on Monday, Dec. 26, that it is offering two types of refurbished bikes at discounted prices under the program named Peloton Certified Refurbished. The exercise equipment maker will be selling these for $1,145 and $1,995. Buyers will also get a 12-month warranty which is the same as offered with the new bikes.
As per Reuters, Peloton experienced a big surge in sales at the height of the COVID-19 pandemic. This was because many people were stuck at home, and since they could not go out, people started to set up their home gyms. As a result, exercise equipment companies such as Peloton saw their sales soar.
However, after the restrictions were lifted and people started to leave their homes to return to normal activities, sales of gym equipment immediately declined. The demand also slowed down, and Peloton’s market cap dropped to $3.02 billion, which showed a big gap from early 2021’s record of $50 billion.
The company is trying to boost its sales again by adding new offerings, such as the expansion of its rental program in the U.S. Peloton improved the terms by introducing the month-to-month option for its Peloton Bike and Bike+ models.
In any case, the prices for the certified Peloton refurbished models will be much lower than the current prices. This is the company’s new way of attracting new customers and encouraging more people to try the Peloton experience for less.
The refurbished Peloton Bikes are now up for sale online and in the brand’s showrooms. The firm said that full delivery and assembly service are already included in the purchase price. They also come with the same as the brand-new bikes, such as access to Peloton’s classes and more.
"We are excited to offer refurbished Peloton bikes at these new price points, opening the engaging Peloton experience to even more Members,” Peloton’s vice president of emerging business and strategic partnerships, Amanda Shulman, said in a press release. “All pre-owned bikes have been refurbished and checked to meet our rigorous quality standards, and our new program allows us to find these bikes a second home."
