So grateful to Nina Pineda and ABC News “7 on Your Side Team” team for interviewing me about my low-cost Peloton alternative. It was loads of fun! In case you missed it, check out my 30 seconds of fame.
Its been almost two years since I started using the Peloton App with my own Sunny Spin Bike and my Wahoo cadence and speed sensors. What an amazing experience. I am in the best shape of my life and more importantly I have proven to myself that I have a passion for spinning – I am so happy with the variety of Peloton class options, have exercised my butt off and the bike didn’t turn into a clothes hanger.
Now I am considering an upgrade. Why? For no reason in particular. My Sunny still works great. I just want to move to more of a commercial grade exercise bike. I have stashed away $100 per month for the past two years and I am deciding between a Keiser M3i and of course, the Peloton.
After doing a LOT of research comparing and contrasting the two spin bikes – I thought I would share what I found.
It’s been just over 12 months since I started using the Peloton App without the Peloton Bike. Find out how I use the Peloton App with my bike.
Peloton recently announced that you could now finance the purchase of a new Peloton bike. Is it a good deal? Here are my thoughts:
Buy Without Financing: As detailed in my earlier Peloton App blog purchasing a Peloton bike without financing costs about $3,000 when you add in delivery, $468 class subscription fees for the first year ($39 per month), $125 for clip-in shoes, exercise mat, etc. Way outside of my budget.
0% APR Financing: While a 0% down APR sounds like a great detail, the devil is in the details. For qualified buyers, Peloton allows you to make 39 monthly payments of $64 for the Peloton Bike+ or $49 for the Peloton Bike (the original). In addition to the cost of the bike, shoes, etc. to qualify for the 0% financing you need to commit to a 39-month class subscription of $39/mo. totaling $1,521. By my math the grand total over the 39-month period will be almost a $4,053 – $4,455 commitment when you add all the extras.