this post was submitted on 23 Aug 2024
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Peloton to ruin the secondhand market by charging a $95 ‘used equipment activation fee’ | It doesn’t apply to refurbished models bought directly from the company (www.engadget.com)
submitted 2 months ago by [email protected] to c/[email protected]
49 comments fedilink hide all child comments
 

Peloton is in something of a financial rut lately, and we all know what companies do when that happens. They take it out on consumers. To that end, the exercise machine maker just announced it will be charging a $95 “used equipment activation fee” to anyone who buys one of its machines on the secondhand market, according to a report by CNBC.

The company made this announcement in its Q4 2024 shareholder letter. The fairly exorbitant fee will apply to any machine bought directly from a previous owner, meaning anything purchased via Craigslist, Facebook Marketplace or, heck, even a neighbor down the street. Without tithing $95 to the church of Peloton, the machine won’t have access to any of the classes or features the company has become known for.

The company says this activation fee is just to ensure that new members “receive the same high-quality onboarding experience Peloton is known for.” In a recent earnings call, however, a company representative was more transparent, calling the fee a “source of incremental revenue and gross profit,” according to The Verge.

The standard Bike, for instance, sells new for nearly $1,500, but you can pick up a used one online for $300 to $500. Now, that price goes up to $400 to $600. Peloton also requires a monthly membership fee to access content, which is around $44.

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[–] [email protected] 77 points 2 months ago* (last edited 2 months ago) (3 children)

For the privilege of paying $45/month for video classes?

Edit: I googled around out of curiosity on whether you can hack it. You're paying for a "smart exercise bike" where you still have to manually adjust resistance? What the fuck?

[–] [email protected] 39 points 2 months ago (4 children)

I've never understood the appeal. Seems much cheaper, easier, and more fun to find a video you like online and just use that. Could be racing down a mountain road. Or a spin class. Or that scene from Monty Python where the topless women chase the guy off a cliff.

[–] [email protected] 49 points 2 months ago* (last edited 2 months ago) (3 children)

I had assumed that they used the smart shit to adjust resistance automatically and whatever, but I googled out of curiosity on hacking one, and apparently, you still have to reach down and use a knob.

Virtual courses with automatic inclines and declines and ghost runs of myself could be worth that kind of money. But not just a screen and some shitty tracking.

[–] [email protected] 8 points 2 months ago (1 children)

I bet some maker space genius has done a DIY version.

[–] [email protected] 6 points 2 months ago (1 children)

I'm sure you can do it. The resistance knob is basically just pulling a wire a little bit usually.

But bringing that mainstream in a complete package would be something that I could see the justification for an expensive exercise bike for.

[–] [email protected] 2 points 2 months ago

The more expensive Bike+ does it, but not the regular one. It's a hard sell given the price difference.

[–] [email protected] 1 points 2 months ago* (last edited 2 months ago) (1 children)

Not advocating for peloton, but it’s not really that much work to dial up/down a spin bike. The point of letting the rider do it “manually” is because they may not be where the rest of the class is. They very likely need to customize the resistance.

The only real benefit here is in the real time feedback on the screen (calories, distance, etc) which also adjust with resistance, and visual queues if you’re keeping or not.

[–] [email protected] 8 points 2 months ago

I'm aware of what adjusting an exercise bike entails.

It is completely trivial to have a class that easily adapts to user difficulty while still automatically adjusting that difficulty to simulate a varied environment, which you cannot do manually and is the entire reason a smart bike makes any sense at all over just putting it in front of a TV.

[–] [email protected] 4 points 2 months ago

I bought a simple spin bike thirdhand. Guy who owned it before me got it from a gym. You twist a knob and it increases pressure on a leather brake. Its built like a tank.

Its great and like you say, if I wanted I could just look up spin videos on youtube for free.

Why would I bother with a Peloton?

[–] [email protected] 3 points 2 months ago

Yup, just get some rollers and use your regular bike.

[–] [email protected] 1 points 2 months ago

I know there are bikes that you basically race people. It’s basically a video game and the controller is your bike. It’ll get harder or easier to pedal based on terrain. You race real people who are doing the same thing. Not sure if peloton has this but that would be way better than just some video.

[–] [email protected] 14 points 2 months ago

My wife has a NordicTrack bike, it auto adjusts resistance and incline. Insane people would pay more and not even get that.

[–] [email protected] 10 points 2 months ago (1 children)

The few people I know who are into the Pelaton community do it for the competition/gamification element. They watch their status against global leaderboards and are highly motivated by it.

For those that it works for, great. I am highly motivated by competition, but those prices are too rich for my blood.

Maybe there are also people into Pelaton who are like those who pay a monthly gym subscription even if they have space at home? And could buy a home setup that saves them money. The monthly pay makes them commit financially and motivates them to go to the gym consistently.

[–] [email protected] 4 points 2 months ago

Espresso makes more gamified bikes but also have very expensive subscription packages. These are way more fun imo than what peleton offers. Nonetheless they still feel very primitive to anyone familiar with modern gaming. It's a markets pace that I'm surprised isn't better tapped, but the subscription stuff is nonsense. Just give me a pack of virtual tours and the option to buy some additional ones. Offering peer to peer racing etc should be a very minimal cost. What I'd really like is a Sim that taps into Google street view for riding where I want virtually