Peloton Introduces a New Protection Plan in a Move that May Help Expand its Community
The connected fitness company has updated its extended warranty program & applies to plans purchased on or after April 5th, 2022
Peloton has made a notable change to its extended warranty program this month for US-based Pelotoners. The new plan, now rebranded as “Peloton Protection Plan,” allows consumers to transfer the warranty of Peloton’s signature Bike or Tread if sold to a new buyer.
The move suggests that Peloton, well-aware that its coveted fitness equipment has appeared for resale on sites like Facebook Marketplace, is hoping to expand its community however it can.
The updated protection plan also comes after Google search trends data revealed that demand for the connected fitness company had declined in recent months – and while Peloton intended to launch its own marketplace for consumers to trade equipment, it has yet to come to fruition.
Peloton Protection Plan, which applies to protection plans purchased on or after April 5, 2022, allows new Pelotoners who bought a used piece of equipment to purchase a protection plan as long as it’s acquired within a year of the original purchase. One thing to note – Peloton protection plans are only available in the country where the Peloton product was originally purchased.
The connected fitness company has also introduced a financing option for its protection plans via Affirm.
The updated protection plan comes just as the fitness giant updated its pricing to hopefully attract new consumers.
The announcement of the new lowered pricing came a day after Peloton was again publicly criticized by Blackwells Capital, an investment firm that has been urging Peloton’s board to sell the fitness company.
Jason Aintabi, Chief Investment Officer of Blackwells, who called for the resignation of former CEO John Foley, has made it clear that he is not impressed with new CEO Barry McCarthy. In Blackwell’s latest presentation, the firm has suggested ways for Peloton to reimagine its business.
