Of course, you can rent a Peloton bike. What happens if you wish to live a remote life, and you are not able to access the Peloton bike at the gym anymore, yet you can not afford a Peloton bike? Or when you are on a vacation and you still wish to keep fit? All these conditions and many more were considered, and Peloton has come up with a new model that allows individuals to rent a Peloton bike.
However, this new rental model is only available in a few locations in the US. The rentals were first available at Peloton stores in Denver, Minnesota, Houston, and Florida, per WSJ, but it has been extended to other stores. This offer started on 11 March 2022 and has since then been effective.
The company stated that the offer was a limited pilot program that they used to explore different pricing models and alternatives for new members, and it is available in select US locations. In 2020, the CEO of Peloton, John Foley, stated that the business will provide a rental system in place in about 5 to 10 years. It is a wonderful thing that it became a reality on 11 March 2022.
Locations of Peloton Showrooms offering the One Peloton Club Rental Package
- Denver: Denver, LoneTree
- California: Los Angeles, Corte Madera, Santa Monica Place, Santa Monica, Walnut Creek, Palo Alto, Westfield Century City, The Oaks, Fashion Island, Newport Beach, The Village at Corte Madera, 2nd & PCH, Stanford shopping center, Broadway Plaza, Westfield Topanga & The Village, Thousand Oaks, Canoga Park.
- Florida: Aventura, Coral Gables, Merrick Park, Aventura Mall.
- Houston: Highland Village, Houston, Market street.
- Georgia: Avalon, Lenox Square, Atlanta, Alpharetta
- Maryland: Westfield Annapolis, Columbia, Bethesda, Annapolis, The Mall in Columbia, Bethesda row.
- Colorado: Lone Tree, Denver, Park Meadows, Cherry Creek Shopping Center.
- Illinois: The Soops at North Bridge, Oakbrook Center, Oakbrook, Chicago, Westfield Old Orchard.
- Virginia: Tyson, Tysons Corner Center.
- Massachusetts: The Street Chestnut Hill, Prudential Center, Legacy Place, Boston, Chestnut Hill, Dedham.
- Texas: Houston, Northpark Centre, Southlake Town Square, Highland Village, The Galleria, Market Street, Southlake, The Woodlands, Dallas.
- Minnesota: Bloomington, Edina, Mall of America, Galleria Edina
Conditions to rent a Peloton Bike
- The offer is open only to new members; that is current Peloton members can not take advantage of this offer.
- The rental model only covers the original Peloton bike and Bike+, you can not rent the Peloton Treadmill yet.
- The offer is for people staying in the select locations stated.
- To begin the program, you have to pay a one-time, non-refundable delivery of $250.
- You have to pay the monthly subscription fee of between $60 and $100
- It requires a credit card.
- You have to confirm that your delivery address is within the eligible zone. You can confirm this with a participating showroom.
- You will enter a One Peloton club agreement which you can cancel anytime on their website. And the agreement goes on every month until you cancel or choose another option.
- If you cancel the One Peloton club agreement, you will no longer have access to all the Peloton content which comes at the end of the month.
- If after 30 days of canceling the agreement, Peloton is unable to contact you or collect the bike, you will continue to be charged the monthly rental fee.
- You must agree to Peloton’s terms of service and membership terms. And if you prohibit any of the agreements, the program will be void.
- You can not combine the Program with any other Peloton offer, if you do so, Peloton may suspend, cancel, or modify the program. However if you had agreed to any other One Peloton club agreement before the rental time, the agreement will be honored.
The same limited warranty available for Peloton bike or Bike + will apply to you for the duration of the lease. And if you buy the Bike afterward, the limited warranty will still end as it was in the contract ( that is a year after the original delivery date). However, you can opt to buy an extended warranty.
The warranty covers different periods for each component of the Bike from the date of original delivery, and it applies only against defects discovered within that time
- Frame: five years warranty.
- Bike and Bike + pedals: twelve months. This warranty does not cover wear and tear, and you are advised to regularly check for damage that can cause it to break down.
- HD touchscreen: Twelve months.
- Bike and Bike + components: twelve months. The components include the brake resistance, the belts, Seatpost, handlebars, water bottle holder, crankshaft, and other original parts.
- Labor: twelve months. The warranty covers repair labor if the bike was originally assembled by an authorized Peloton technician.
If at any time, you decide to buy the Peloton Bike or bike+ that you leased, you can do that via the buyout program. You can check for the buyout price on the One Peloton Club agreement. After you buy out, you will still be charged for the All-access membership fee unless you cancel it.
How to Rent a Peloton Bike
If you are in any of the above locations where Peloton rentals are available, walk into any of the stores, and ask to rent the bike. However, if you are unable to rent a Peloton bike, you can rent a standard studio spin bike and use the Peloton app to take cycling classes. Check for any local exercise bike rental business around you and ask for the payment price for the time you intend to use it.
However, note that if you use the Peloton digital with other bikes, you will not have access to picturesque routes and leaderboards, as you will with the Peloton bike. This is a good alternative if you intend to stay fit without having to buy a bike.
Many rent the Peloton bike because they can not afford to buy the Peloton Bike at the moment. If you are on a tight budget and you wish to buy the Peloton bike, Peloton offers a no-interest monthly payment that you can spread across 3 years. The bike cost $1,845 but if you want to get it with add-ons like clip-in shoes, resistance bands, weights, and workout mats, it costs $2,485.
The three payment plans available are:
- $207.92 per month for twelve months ( 1 year)
- $103.86 per month for 24 months (2 years)
- $63.97 per month for 36 months (3 years)
All these have a 0% interest rate, and it is for the peloton bike with add-ons.
Renting Peloton bikes is good if you are in the select locations for a while. However, if you will be there for a long time, you can consider buying it and paying for it as a whole, or with the split payment plan above. You can also exchange your old bike to get the new Peloton bike. Any option you choose is good, as long as you are staying fit.