Peloton Bike Trade In: What You Need to Know

I just learned that now the Peloton bike trade in program is paused. That’s a bummer.

I got the word from the Pelobuddy website.

(Original article)

I was surprised to learn that the Peloton bike trade in program is alive and well and continuing this year. I thought for sure that after introducing the Bike Plus in 2020 that Peloton would have put the trade-in program to bed. But I was wrong.

I decided to write this post about trading in a bike because I figured you might be like me. That is, you didn’t realize that this was still an option for some Peloton bike owners. And maybe like me you’ve had your bike for a long time–we got ours in 2016.

With that in mind, let me explain how the Peloton bike trade in program works. Then, I’ll answer some of the most common questions people likely have about it.

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Criteria for the Peloton bike trade in

For starters the Peloton bike trade-in program is for original bikes only and also for the original bike owners. In other words if you bought a Peloton original bike used from someone else, and then decide you want to upgrade to a Bike Plus, you cannot, in essence, sell your bike back to Peloton and get the upgraded model. Again, the trade-in works only for the first owner of an original model bike.

Second, the Peloton bike trade-in is for Bike owners looking to buy a Bike Plus or Bike+. You cannot trade in an original bike for a new original bike. Similarly, you cannot trade in a Bike Plus for a new Bike Plus.

Eligibility for trading in a Peloton bike

Here are the eligibility requirements for a Peloton trade in.

One, you must be the current owner of the Peloton Bike.

Two, your original model Peloton bike must have all of its original parts. This includes the seat, pedals, power cord and screen. (Sidebar: I’m not clear if you would be disqualified from trading in if you have an early generation Peloton bike and Peloton replaced the screen.)

Three, your Bike’s frame and screen must be free of adhesives, paint or cosmetic markings, cracks, dents, rust or other major damage. So, if you bought a leaderboard name sticker off Etsy and had it on your bike, it could be considered a damaged frame. Therefore, you could not trade in your cycle.

Four, the screen must power on.

Five, you’ve never purchased a Bike Plus before.

Finally, you must live in the lower 48 states–sorry, Hawaii, Alaska and Canada–including Washington, D.C. 

Benefits of trading in a Peloton bike

When you decide to trade in a Peloton bike, of course you’re going to be getting a brand new Bike Plus. But, there are other benefits as well.

One, Peloton will give you a $700 rebate on the purchase of the Bike Plus. Keep in mind this is not a discount, per se. That is, they don’t deduct the $700 from the upfront price. However, approximately 10 days after delivery, you’ll have $700 credited back to the credit card you used for your purchase.

Two, Peloton will give you a free yoga and toning accessories package with your trade in. The package is valued at $180.

What’s in the yoga and toning accessories package?

  • Reversible Workout Mat
  • Resistance Bands
  • Two Peloton Yoga Blocks
  • Yoga Strap

Steps to trade in a Peloton bike

So, when trading in an original Peloton bike for the Bike Plus, you’re actually going to be purchasing the new Bike Plus simultaneously with the trade in. Think about it this way–it’s like you’re upgrading the original Peloton bike for the Peloton Bike Plus, all in one step.

Here’s how it works.

When you visit the Peloton website to purchase your Bike Plus, one of your options will be “trade in.” Select that.

Next, after you’ve paid and checked out, you’ll choose your delivery date. On the date that your Bike Plus is delivered, the delivery people are supposed to pick up your original bike and take it away. I’m saying “supposed” because with all the changes in Peloton personnel and management, I don’t know if this process is going to change. Also, I don’t know how long things are taking these days with these trade-ins.

In addition, on the day of delivery, your yoga and toning accessories may be delivered with your new bike. On the other hand, they may be shipped separately. I’ve heard from lots of readers whose accessories arrived weeks before the bike did.

Rebate on your Bike Plus

Finally, keep in mind that the $700 rebate is contingent upon Peloton’s evaluation of the original bike you’re trading in. If they determine the bike isn’t in acceptable shape, you won’t get your money.

These are the conditions that Peloton says are applicable for the rebate: 

“Your eligible Trade-In Bike will be picked up by Peloton or its authorized agent on the scheduled date. During pick-up, Peloton, in its sole discretion, may reject equipment failing to meet the eligibility requirements set forth above. You will not receive any Trade-In Rebate or Yoga & Toning accessories for any rejected Trade-In Bike. Delivery of your Peloton Bike+ will be at the same time and location as your Trade-In Bike pickup.”

Of course, it’s frustrating not to know this ahead of time so you can plan accordingly. In fact, when Peloton first announced the bike trade-in program, I know people who decided to sell their original bike privately and just buy the new Bike Plus outright.

Looking to buy a used Peloton bike? Here’s what you need to know

Common questions about the Peloton bike trade in program

Below, I’ve answered some of the most common questions people ask about the Peloton trade in program. Of course, if I’ve missed a question you’d like the answer to, please post a comment and let me know. I’ll research the answer and update this post accordingly.

How do I get my original Bike ready for pickup for the trade in?

As mentioned above, Peloton expects all of the original Peloton parts to be on your bike. That is, the screen, seat and pedals.

In addition, your frame should be free of defects, rust, dents and any stickers or adhesives. If it were me, I’d also take some Wipex Wipes and clean it up before the trade in crew got there.

However, if you bought shoes and other accessories with your original bike, you do not need to send them back. They are yours to keep.

Finally, the pedals on the Bike Plus are the same as the original Peloton bike. So the Delta Look cleats on your shoes will work on the new bike, too.

What happens if Peloton decides my bike doesn’t qualify for the trade-in program?

According to Peloton, on the day of your Bike Plus delivery, the team will evaluate your original Peloton Bike.

“If your current Bike is not eligible, you can keep your new Peloton Bike+, but the delivery team will not take your current Bike, and you will not receive the $700 rebate or our Yoga & Toning accessories package.”

Of course, if they’ve shipped the yoga and toning accessories package ahead of time, then I guess you’ll have to ship it back. 

What if I’ve financed my original Bike and want to trade it in?

Trading in a Peloton bike doesn’t work the same as when you trade in a car. That is, when trading in a car, you zero out any remaining payments before taking ownership of the new car. However, with the Peloton trade-in, you’ll still need to make payments towards the original bike if you trade it in before paying it off. Also, you can finance the new Bike Plus but then you’ll have two payments to make until everything is paid off.

Can I trade in a Peloton bike for the Peloton treadmill?

At this time the Peloton bike trade in program is just for the original bike to the Bike Plus. So it does not apply to the Tread. But it would have been cool if it did.

Is there a Peloton bike plus trade in?

The only Peloton bike plus trade in is the one where you trade in an original bike for the Bike Plus. You cannot trade in a Bike Plus for a new one.

What does Peloton do with trade in bikes?

No one quite knows what Peloton does with the bikes it takes for trade-ins. Some people have speculated that they refurbish them and then sell them to hotels. Others think they cannibalize them for parts for any repairs they have to make on bikes. 

At one time Peloton said it would start selling used, refurbished bikes to the public. However, that never came to fruition, based on my own research. (If I’m wrong about that, please let me know.)

Here is my article about refurbished Peloton bikes

What is Peloton Buy Sell Trade?

Peloton Buy Sell Trade is a Facebook group where people buy and sell anything and everything Peloton. This includes Peloton apparel, Peloton accessories and Peloton bikes. 

In fact, before we bought our Bike Plus, we considered buying a used Peloton bike off Peloton Buy Sell Trade. Here is the article I wrote about my experience.

Does Peloton buy back bikes?

I guess you could say that this trade-in program is close to the notion of Peloton buying back bikes. That is, they’re giving you $700 for your old bike in the form of a rebate or refund. 

Of course, I’m sure $700 is nowhere near close to what you paid for your Peloton bike when you bought it new. But $700 isn’t chump change either.

Is the Peloton Bike plus worth the extra money?

Now that I have experience with both a Peloton Bike Plus and the original Peloton bike, here’s my take. The Bike Plus is really nice. The swivel screen is super convenient, and the handlebars are ever so slightly closer to the seat (good if you’re a member of the Shortie Tribe like I am).

However, there are Peloton add ons and aftermarket accessories that you can buy to make your original Bike screen more like the Bike Plus. And they’re super affordable. The company that makes the best screen pivot is Top Form Design.

Below, I’ve highlighted their product called The Pivot along with other products they make that move the handlebars closer. These latter products for the handlebars are designed for the original bike as well as the Bike Plus.

Aftermarket Product to Swivel Your Screen

The Pivot, from Top Form Design or TFD, makes it so that the screen, tablet or touchscreen on your original Peloton bike can pivot or swivel to the side like the Bike Plus' can.

This is a great, affordable option for doing bike bootcamp classes without having to buy a new bike. Therefore, I highly recommend the Pivot for the Peloton bike.

NEW: Use code LEAH10 at checkout to save 10% on the TFD Pivot for your Peloton.

Handlebar Adjuster for Peloton

The Adjuster is an aftermarket, add-on product adapter that lets you slide the Peloton handlebars closer to the seat.

Top Form Design, maker of the Adjuster, now has multiple versions for the original Peloton Bike as well as the Bike Plus.

Looking for a TFD promo our coupon code? Here you go.

Use code LEAH10 at checkout to save 10%!

 

Final thoughts on Peloton bike trade in

Should anything change in how Peloton is running its trade-in program, I’ll be sure to update this post. But for the time being, this should give you a good sense of what to expect if you decide to trade in your original Peloton for a new Bike Plus.

Finally, here is the Pelobuddy article that announced the Peloton bike trade in program pause.

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