Peloton bikes are now cheaper than they’ve ever been, as the fitness giant slashes hundreds of dollars off the original bike.
When Peloton launched the Bike+ last September, the cost of the original bike dropped from $2,245 to $1,895, yesterday, Peloton announced the bike will retail in the U.S. for $1,495. The price will also be cut in the U.K., Canada, Germany, and Australia, Peloton announced.
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It has also been announced that following a recall and a redesign, Peloton’s more affordable treadmill, the Tread, will be back on sale next week (August 30) for a price of $2,495.
This drop in prices comes in the same week the brand reported their fiscal fourth-quarter earnings results, which showed Peloton has experienced a dramatic slow in their revenue growth. Year on year, Peloton shares are down nearly 24%. This drop is thought to be associated with the costs associated with the recall of their Tread and Tread+ products in May due to safety concerns, and as purchases slow as more people feel comfortable returning to the gym.
“The past year represented an inflection point for the connected fitness industry, with significant increases in awareness and demand following the onset of the Covid-19 pandemic,” chief executive John Foley wrote in a letter to shareholders.
Is now a good time to buy?
If you’ve always been interested in the Peloton bike, but have been put off by the price point then yes, now is a good time to invest. Along with the cheaper prices, Peloton has announced new financing options, in an attempt to make its products more accessible to users.
The Peloton Bike will now be available at $39 per month for 39 months with 0% APR. The Bike+ and the cheaper Tread will both be available at $59 a month for 43 months with 0% APR. Obviously, users will still need to pay the $39 monthly All-Access Membership alongside this.
If you’ve been put off the Tread due to safety concerns following the recall, Peloton has also announced a new Tread Lock feature, which is a four-digit, digital passcode that each user will need to enter to unlock the treadmill and start the belt. Peloton has said all current Tread and Tread+ owners will be able to access the Tread Lock Safety Feature.
As the world returns to its a form of normality and the ways we exercise change once again, Peloton seems to be pulling out all the stops to retain and gain new customers. As well as cut prices, there are also rumours that the brand will be adding a Peloton rowing machine to their collection of at-home fitness products, but as yet, a release date remains to be seen.