Peloton bikes can now be rented for a limited time only as the company tests a new pricing model.
Those interested to try renting a staionary bike should take note that rentals will be available for a limited time only. It should likewise be noted that only select Peloton stores are participating.
The move is seen as a way to help entice customers towards the brand as many have described the prices of the stationary bikes and subscription classes as too expensive.
The new, limited-time rental model is just one of the many changes that will be implemeted by the company as it deals with stocks plummeting and replacing former CEO John Foley.
Peloton Bikes Can Now Be Rented for a Limited Time
Peloton is testing a new pricing model and is finally letting customers rent their bikes starting Friday, Mar. 11.
However, this will be available for a limited time only for now, according to a report by Business Insider, which cites another report done by The Wall Street Journal.
Per the Business Insider, "the option to rent could draw new users who might have previously avoided Peloton because of the steep prices of the bike."
The report also adds that the new rental model might even entice new customers as the rentals can be cancelled anytime with no extra charge.
Those interested to rent Peloton bikes must pay a fee ranging from $60 to $100 a month. The fee is inclusive of a stationary bike as well as subscription to the company's exercise classes.
According to the reports, rental bikes will be available in Peloton stores of the following states:
- Denver
- Florida
- Minnesota
- Texas
An Answer to Peloton's Steep Prices?
Many have found Peloton's prices to be too steep for their liking and the new rental model is seen as a way to help attract customers to the brand.
According to the Business Insider report, the cheapest stationary bike of the company, the Peloton Bike, is currently priced at $1,495. Peloton's Bike+, on the other hand, will cost the customer $2,495.
Access to exercise classes costs $39 per month.
Read Also: Peloton Treadmill 'Just Run' Feature, 'Tread Lock' Upgrades: How to Run Without $40 Subscription
Upcoming Changes
The new rental model is just one of the changes that Peloton will be witnessing.
Per a report by CNN, Peloton CEO Barry McCarthy told The Wall Street Journal "that the experiment could attract new customers who may be turned off by the product's high price - and hopefully turn around Peloton's fortunes."
It should be noted that the company's stocks dropped 34% in November, according to the Business Insider. CNN, meanwhile, reports that Peloton laid off around 2,800 employees in January.
Other changes that can be expected include "overhauling Peloton's digital interface and the content it provides," per CNN.
McCarthy is also said to be considering making changes to the company executives as well as introducing what is being described as "simpler" bikes.
Related Article: Peloton to Restructure? Company to Replace CEO, Cut Jobs, and Appoint New Board Members
