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If you’re in the market for at-home workout equipment, you’ve probably thought about Peloton. With its signature Peloton Bike and Bike+, the company promises a full-body cardio workout with motivating classes taught by instructors with big personalities and a sense of community.

But the Peloton experience comes with a steep price tag. If you buy directly from the company, a Peloton costs $1,445 for a new Bike while its upgraded counterpart, the Bike+, is $2,495.

Is Peloton worth it? Here’s what you need to know if you’re considering buying a bike as well as how it might fit in your budget.

When they say “Peloton,” most people mean a stationary exercise bike with a touch screen that makes it seem like you’re in the front row of cycling or other exercise classes. Peloton also makes treadmills and a rowing machine, but we’re focusing on the bikes, the company’s primary product.

Peloton bikes come in two models. The Bike is compact and features a large, 21.5-inch HD touch screen. You can pair your Apple Watch or heart rate monitor to get personalized stats.

The Bike+ adds a bigger, 23.8-inch rotating HD screen, which makes strength, yoga and other off-bike workouts convenient. The Bike screen tilts up and down only.

The resistance knob on the Bike+ automatically adjusts along with the instructor, so riders don’t have to take their hands off the handlebars. Riders have to manually adjust the resistance on the Bike.

Peloton offers the option to buy a new or refurbished bike as well as to rent a bike. Rental bikes are a mix of new and refurbished that have been “thoroughly inspected,” according to Peloton.

Here’s a cost breakdown by model if you buy directly from Peloton (prices may vary elsewhere):

The buy price includes delivery and setup (renters pay a one-time $150 fee) along with a 12-month limited warranty. The rental price includes a Peloton membership ($44 value), a pair of cycling shoes ($125) and the option to cancel or buy out your bike at any time.

A Peloton membership provides access to a large library of classes, including cycling as well as strength training, yoga and Pilates. The All-Access Membership requires a Peloton bike, while the app memberships can be used with any model of bike or no equipment at all.

At $44 a month, this is the top-tier Peloton membership typically purchased when you buy a Bike or Bike+. You can access unlimited content on your bike’s screen and through the Peloton app. It is meant for a household to share with up to 20 user profiles.

For these memberships, designed for a single user, you’ll need to download the Peloton app.

• Peloton App Free (no cost) is the most limited app option. Designed for “newbies,” it provides access to roughly 50 classes, including featured classes that rotate over time. 

• Peloton App One ($12.99 a month or $129 annually) offers a wider selection of classes, including programs, challenges and live classes. 

• Peloton App+ ($24 a month or $240 annually) takes what the other memberships offer and adds unlimited classes and cadence tracking. 

After a free 30-day trial of the App One and App+, you’ll be automatically billed for the membership. You can upgrade (or downgrade) your membership or cancel at any time.

Making a list of what’s important to you is a good way to figure out if the cost of a Peloton is worth it.

• Convenience: You don’t have to leave your home to work out, which means you could save time and money on a gym membership. 

• Space saving: The Peloton is popular for its low profile. The company says the 4×2 foot Bike is “smaller than your average yoga mat.” 

• Variety: There are many class options at various durations, and the mix of instructors and music genres could keep your workout routine fresh.

• Metric tracking: You could get a good feel for how your body performed by connecting your Apple Watch or heart rate monitor.

• Community: The live classes could help you feel like you’re working out with a group even though you’re at home. 

• Cost: The Bike and Bike+ aren’t cheap, and you’ll likely need accessories such as shoes ($125), free weights ($25), a protective floor mat ($75) and a heart rate monitor ($34).

• Customer service complaints and safety issues: The Better Business Bureau website notes a pattern of complaints about Peloton customer service and installation. There was also a voluntary recall issued by the company in May 2023 for a problem with the seat post. 

• Not built for every body. The weight limit for each Peloton bike is 297 pounds. If you live in a bigger body, there might be other inclusive equipment options for you. 

Before purchasing a Peloton or any item, it’s important to consider your budget. Using the 50/30/20 framework, in which 50% goes to needs and debt minimum payments, 30% to wants, and 20% to savings and debt paydown beyond the minimums, a Peloton would fall into the “wants” category.

Budgets are flexible and represent your priorities. If you’d like to make room for a Peloton, take a look at other expenses in your “wants” to see how you might save money.

There might be ways to offset the cost of the full Peloton experience.

• Replace your gym membership with the free Peloton app membership. 

• See if you can use an employer stipend to offset the cost of the bike or membership fee.

• Consider the rental option. Renting gives you the chance to try Peloton without the long-term financial commitment. 

• Check out Facebook Marketplace or neighborhood group for a secondhand Peloton. You might be able to negotiate for an even better deal. 

A Peloton isn’t the only way to get a challenging cycling workout. Here are some ideas to get you in motion: