Peloton has just announced a brand new way to access their stationary bikes. Basically, in selected states, you can now rent them. This is a limited pilot program. We hope it works out – for the sake of both the public and the company.
The Old Peloton Way
The previous model was that you had to buy a very expensive stationary bike, and then also pay a monthly fee ($39) to access all the online content that can make cycling in the basement engaging and fun. Such as fitness classes and interactive bike rides.
I admit that when the weather was too hot or cold for outdoor cycling, I sometimes wished I could afford $2,495 for a Peloton bike. But that was simply out of my price range.
What’s Changed at Peloton, and Why?
So what happened to change things?
Apparently, sales and profits at Peloton soared with the commencement of Covid-19. As a result, they expanded their capacity dramatically. The problem was, sales started to tank after the first year of Covid. The company was in trouble, and thousands of people were laid off in January 2022.
Like any successful company that finds itself in trouble, they started looking for other ideas. One dramatic change has been to bring in cheaper bikes. You can now buy one for as little as $1,495.
But that is still not affordable for the average person who works out at home (such as me).
The company now has a new CEO, Barry McCarthy, who has come up with this new and (I think) courageous idea: rent the bikes out, with the customer paying a fee that includes a monthly rental and the subscription.
If this idea works, who knows? One day I might be writing about my experiences with my new Peloton bike!
Where is the New Peloton Plan Available?
The program commences today (11 March 2022). It will be offered in some Peloton stores in Texas, Florida, Minnesota, and Colorado
Cost of the New Peloton Option
Interested? It will cost you between $60 and $100 per month, and you need to show up in person at a Peloton store. You would need to pay a non-refundable delivery fee. If you decide to cancel, Peloton will take the bike back at no charge.
The odds are you won’t want to give it back. Peloton has a very high retention rate. That is, once you’ve entered the Peloton world, you don’t want to leave. I believe that means the courses must be excellent, effective, and fun.
If you can find your way onto a Peloton, we believe it is very likely to be an excellent move. In a world beleaguered with insecurities, war, and plague, the notion of working out on a bike in complete safety seems extremely attractive.
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