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Like many people, Ari Kimmelfeld wanted a Peloton, but he faced the usual problems. “I didn’t want to spend $2,000 on a new bike, so I found one for $600 on Facebook and called a cab to take it home,” the New York-based entrepreneur recalls. The romance soon soured, however. “Parts like the bottle cages broke, and a couple of months later there was a problem with the screen and I couldn’t get it replaced under warranty because I wasn’t the original owner. That stuck with me, and I thought: There must be an easier way to do this.”
Smart training bikes became a staple after the rise of home bikes. exercise A few years ago, such a piece of equipment was purchased, but, like Kimmelfeld, you may not fancy shelling out the £1,300 that a brand new Peloton would cost. You may not fancy it either, and end up buying an extra, very expensive clothes rack. (This, among other factors, partly explains The brand’s varied fortunes since its peak in late 2020 – cut the prices of its bikes in 2021 in response to falling revenues and now offers a £99-a-month rental option on its top-of-the-range Bike+ model.
However, buying a second-hand one isn’t necessarily easy either. Until now, there were two options: buy an official reconditioned trainer directly from the manufacturer or take your chances on unofficial marketplaces like Facebook, Gumtree or Craigslist. Buying a reconditioned bike from brands like Platoon It has its advantages: it has been inspected and tested by the manufacturer and comes with a 12-month warranty. But at £1,095 for the basic model (£250 cheaper than full price), it’s still a considerable investment. As for finding equipment on the second-hand market, you won’t get warranty protection. Plus, getting a 61kg bike out of the seller’s house, into a vehicle and back to your home can be a nightmare.
This is where Kimmelfeld’s “easy way” comes in: Exchange my spinThis US-based service offers Peloton bikes “in good condition,” with fewer than 150 rides, priced at $499, with the option of an 18-month warranty starting at $180. Everything is set up for you when it’s delivered. Kimmelfeld aims to find a middle ground between direct purchase and the open marketplace. “Our biggest competitor is probably Facebook Marketplace, and convincing people that our value-added service is worth it: the delivery, the trust, the warranty,” he says. “More than 30 percent of our customers are using the service.” [say they] “People wouldn’t have signed up for Peloton unless they could get a bike for $499.” There are benefits for sellers, too. “People are surprised that they don’t have to pay us to get the Peloton out,” Kimmelfeld says.
There’s certainly enough product out there: Trade My Spin estimates there are currently around a million unused Peloton bikes: “There have been 4.5 million Peloton bikes produced and there are three million current subscribers; if you discount half a million for broken bikes, that still leaves a million,” says Kimmelfeld. “And Peloton sells between 500,000 and 600,000 bikes a year, so that number is only going to go up.”
“Everyone wins,” adds Kimmelfeld co-founder Joey Benjamini. “We’re giving people the opportunity to buy fitness equipment at a lower cost, we’re recycling used equipment, Peloton gets new subscription revenue, and the seller gets cash.” He’s optimistic about the potential. “We want to create a marketplace for fitness equipment so that everyone can build the home gym they want.” And his focus isn’t limited to Peloton. “There’s so much fitness equipment that needs to be traded,” he notes. “Whether it’s your friend’s stuff in the basement or your grandpa’s home gym.”