How-to: Trade In Your Old Bike for a Terrific New Peloton

Peloton announced the new Bicycle+ yesterday and also announced a new Trade-in Program for owners of old Peloton bikes in order to lower their purchase price.

After you have paid and checked out you will choose the delivery date. The delivery men are supposed to take your Bike away and pick it up on the day that your Bike plus is delivered. Because of all the changes in Peloton management and personnel, I don’t know if this will change. It is also unknown how long these trade-ins will take.

Your yoga and toning equipment may also be delivered on the day of delivery. They may also be shipped separately. Many readers have reported that accessories arrived weeks before their bikes.

Remember that the $700 rebate depends on the Peloton’s assessment of the bike you are trading in. You won’t receive your money if they find the bike in unacceptable condition.

These are the conditions Peloton states are applicable to the rebate

Peloton will pick up your eligible trade-in bike on the designated date. Peloton may refuse equipment that does not meet the above eligibility criteria during pick-up. Any Trade-In Rebate, Yoga&Toning accessories or Trade-In Rebate will not be given to you. Your Peloton Bike+ delivery will take place at the same location and time as your Trade-In Bike pickup ."

It’s annoying to not know what this means so you can plan ahead. Peloton’s bike trade-in program was first announced and I know of people who sold their bikes to just purchase the new Bike Plus.

The trade-in program for Peloton owners who are looking to get the best Bike+ is the best way to reduce the cost. Peloton will offer a $700 credit for Bike+ if you trade in your previous bike.

Peloton will allow you to trade your bike into Peloton so that you can keep it until your new Bicycle+ arrives. The delivery team will bring your old Peloton Bike along with them when the Bike+ arrives. You will then receive a $700 credit for your original purchase within 10 business days.

Here are some things to remember when you trade in your bike

  • You must also be the current owner or the Peloton Bike.

  • You must have all the original parts, including the screen, pedals and power cord.

    • If you own an older generation Peloton bike, and the screen has been replaced by Peloton, you may not be able to trade in.
  • The frame and screen of your bike must be free from adhesives, paint, cosmetic markings, cracks or dents. If you purchased a name sticker from Etsy and it was attached to your bike, it may be considered damaged frame. You cannot trade in your bike.

  • The screen must be turned on

  • you have never bought a Bike Plus prior.

  • You must also reside in the lower 48 states, including Hawaii, Alaska, Canada, and Washington, D.C.

Peloton will be the best way to get money from your original bike. However, with the demand for Peloton equipment at an all time high, it will be easier to sell local via Craigslist and Facebook Marketplace. I would not accept less than $1500 if I was to sell my current bike.

If you are you considering selling your bike locally or trading it in if you are upgrading to Bike+? Or do you want to purchase a used Peloton or bike? Visit eBay.

Is trading in your Peloton bike the best way to make money?

Peloton will offer a $700 cash-back on your purchase for the Bike+. This is not a discount. This means that they don’t subtract $700 from the upfront cost. In 10 days, $700 will be credited to your credit card.

Peloton will offer two free packages of yoga and toning accessories when you trade in. The package is worth $180.

What is included in the Yoga and Toning Accessories Package?

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

Frequently Asked Questions

What is Peloton buy-sell trade?

Peloton Buy Sell Trade Facebook Group allows people to buy and sell everything and anything related to Peloton. This includes Peloton apparel and accessories, as well as Peloton bikes.

We had considered purchasing a used Peloton bicycle off Peloton Buy Sell Trade before we purchased our Bike Plus. This is an article I wrote about our experience.

What is included in my Bike Trade In?

You will get a $700 rebate when you trade in your bike. Also, you’ll receive a free Yoga&Toning accessories kit, which includes a Reversible Workout Mat and Resistance Bands.

How do I get my $700 Trade In rebate?

You will receive your rebate within 10 business days once your bike has been returned to us. Your rebate will be issued to the payment method you selected when you purchased your Bike+.

Is the Peloton Bike Plus worth the extra cost?

Here’s what I think after riding both the Peloton Bike Plus (and the original Peloton bike). The Bike plus is really great. The handlebars are positioned closer to the seat than the handlebars, which is a good thing if you’re a member the Shortie Tribe.

Peloton accessories and add-ons are available to transform your Bike Plus screen into something more like the Bike Plus. They’re also very affordable.

How can I get my bike ready to be picked up for trade?

Peloton expects that all original Peloton parts are on your bike, as mentioned previously. This includes the screen, seat, and pedals.

Your frame must be free from rust, dents, and stickers. If I were you, I’d also use Wipex Wipes to clean the frame before the trade-in crew arrived.

You don’t have to return shoes or other accessories if they were purchased with your original bike. They’re yours to keep.

The pedals on the Bike plus are identical to the original Peloton bike. The new bike will also accept the Delta Look cleats that you have on your shoes.

What happens if my bike isn’t eligible for the Peloton trade-in program

Peloton will assess your original Peloton Bike Plus on the day of delivery.

“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.”

If they have shipped the toning and yoga accessories package before you, I suppose you will need to send it back.

Peloton will check if your bike is eligible before delivering your Bike+. You can keep your Peloton Bike+ even if your bike isn’t eligible. If your bike is not eligible, the Delivery Team won’t take it and you won’t receive the $700 rebate.

What happens if I have financed my first bike and want to sell it?

Peloton bikes are not the same thing as cars. You must first zero out all remaining payments when you trade in a car before you can take ownership of the new vehicle. If you trade in your bike before you pay it off, the Peloton trade in will still require you to make payments towards the original bicycle. You can also finance the new Bike plus, but you will have to make two payments until all is paid.

You will be sent two statements if your Peloton Bike or Bike+ is under financing. Each statement will require you to make monthly payments. You can also pay the balance off at any time.

Is it possible to trade my Peloton bike in for the Peloton treadmill?

The Peloton bike exchange in program is only for the Bike Plus original bike. It does not apply to Tread. It would have been cool, however.

Do I need an additional All-Access Membership to my Bike+?

Each Peloton Bike requires one membership. If you trade in your bike for the Bike+, your monthly membership will remain unchanged.

What happens to my workout records on my current bike? What happens to my workout history if I trade-in my bike?

Once you trade in your Peloton Bike, it will be reset. Logging in will transfer all your workout data and account details to your Bike+.

If I like my original bike, can I cancel my Trade In or return the Bike+?

Your Trade-In can be cancelled at any time prior to your Peloton Bike+ arriving. You have 30 days to return your Bike+ after it arrives. You will not receive your original bike back. All trades are final.

How can I arrange my Bike+ delivery or Bike pickup?

In one visit, Peloton’s delivery team will swap your Peloton Bike with your new Bike+. After you have completed checkout, you will be asked to schedule the visit.

When my bike+ is delivered, will it be set up?

Your Bike+ will arrive set up and delivered by Peloton’s team of experts.

Is my rebate eligible for credit?

If you pay with a credit card, the rebate is automatically applied to your card at checkout. You can change your payment method after you have completed checkout to receive your rebate.

Is my rebate eligible for a gift certificate?

You can use your rebate towards a gift card. However, it is important that you keep the card handy. We won’t be able reissue your rebate if you lose the card.

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