Peloton Offers $300 Discount For Bike/Bike+/Tread Units (Plus Other Thoughts)


Peloton’s just announced a $300 discount for their base Peloton Bike, Peloton Bike+, and Peloton Tread units. However, this one is actually kinda interesting in how they’re doing it – for two different reasons.

The first, is the fact that the base Peloton Bike is actually on sale. That’s a rarity. Normally, when Peloton does discounts on their base Peloton Bike (which is usually just around the holidays), they do it off of bundles. So basically, the real-world discount isn’t all that meaningful (virtually non-existent). This past Black Friday timeframe they did have real-world discounts on the Peloton Bike+ and Peloton Tread, which were quite meaningful (some $350 off the Bike+).

This puts the base Peloton Bike at $1,195, which is by far the lowest it’s ever been. That makes the Peloton Bike+ at $2,195, and the Peloton Tread at $2,195. All of these have a $250 setup/delivery fee as normal.

However, the second part of this discount is the most interesting part: You have to ask an existing Peloton user for the discount code. The company says each Peloton subscriber/member will get five discount codes to give out. These are apparently “in the mail”, and should show up in your inbox by this Saturday. I don’t know why it takes so long for this e-mail to be sent, but hey, that’s the way this rolls.

Your friend gives you said code, and then it’s good for $300 off. Apparently, if your friend is really creative, they can actually give you two codes. Both the $300-off code, as well as their normal Peloton referral code. If they do that, the giver will receive $100 in Peloton apparel credits. The receiver though will only get the $300-off (not the usual $100 off accessories – they are not combinable). But I don’t think anyone’s gonna complain about that. Or…maybe they will. Point being, your friend gets $300 off, and you get $100 for some clothes to sweat in.

If you have multiple members of a household, each member gets 5 codes. Further, the codes expire March 21st, 2022. The exact discounts also vary by region. For the US it’s $300, $350 (CA), £270 (UK), $450 (AU), and €250 (DE). There’s a giant FAQ here with more information.

(Short version of my reviews between these bikes. Both my wife and I use the base Peloton Bike at home, usually at night/weekends. Whereas we have the Peloton Bike+ at the office. I’m totally happy to use either, though the power accuracy of the Bike+ is spot-on, whereas the base Bike is roughly +/- 5-8%. Both of us like and use the Peloton Tread, which we have at the office. As I’ve noted before, I tend to rotate between Peloton/Zwift/TrainerRoad through each week, depending on what I feel like doing. I generally do power-zone/structured workouts on Peloton. It’s no different than any other power-based structured workout/platform, except there’s music to match the intervals. As always, do not buy a Peloton bike if you want to use it with other platforms natively, since at this point there’s no broadcasting/etc of power/cadence from Peloton to anything else.)

I suspect, this is probably just the first wave of attempts to slowly shift Peloton’s price model. Their CEO said as such just two weeks ago during some interviews, talking about shifting the price from being the heavy upfront cost (plus the $40/month subscription), to a model that’s more palatable upfront, with some change to the subscription cost longer term. We don’t know what that is of course, but we do know that the Peloton Bike cost of goods is substantially below its retail cost with solid margins.


Peloton has also talked about how it might expand its platform in terms of other apps being able to run on the Peloton Bike. However, they haven’t discussed one rumored idea which is the inverse – putting the Peloton platform on other bikes (e.g. an iFit bike). While anything is possible, I don’t see them getting out of the hardware business anytime soon. As any actual real-world Peloton owner can attest to, the hardware *IS* core to their secret sauce. The instructors are critical, but it’s the fact that the hardware “just works” that keeps Peloton’s subscription renewal rates at the insane levels they are (99.2%/month)

Anyways, with a new CEO and new ideas on directions – it’ll be super interesting to see how things shape up over the next 8-12 months. As much media swirling as there ends up being on Peloton, the reality is that nobody is growing as fast as them. Their latest quarter (posted three weeks ago), had them gain 275,000 hardware (Bike/Tread) subscriptions (meaning, they sold hardware with those subs) – putting the total Peloton hardware subscribers at 2.77 million. However, that’s only a portion of the paying Peloton base, there’s another 862,000 paid app-only subscribers as well (for comparison, that smaller portion alone is likely in the same ballpark as Zwift).


Of course, no matter how many users you have, if you’re spending too much money – it’s still not financially successful. In theory, Peloton’s recent financial changes (notably the firing of thousands of delivery employees to shift to a 3rd party vendor), will accomplish some of that. Given Peloton posted their 2nd highest revenue-quarter ever, they’ve at least got the income part largely figured out. Again, it’ll be interesting to see later this year how that ends up looking in reality. In the meantime, this post written a few weeks ago by a journalist was a good discussion of Peloton Media Drama.

In any case – I thought the approach to the discount was interesting, if not a bit unusual, and worth sharing. I suspect most people that are considering buying a Peloton Bike or Treadmill, know a friend or such that you can request the discount+referral codes from. In the event you still don’t, at some point I’ll get my codes once Peloton’s carrier pigeon e-mail arrives, and I can probably help out a few people. Just hit me up using the contact form.

With that – thanks for reading!


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  1. Benedikt

    Easy why they will send the Codes not until Saturday, that way, people interested in their devices can read about the codes and ask existing users to give it to them. I think, if you are on the edge of buying one, 300$ off can trigger it. And people wich are already customers and knowing someone who’s ion the edge can tell them about the codes.

    If I would get another salesletter with some discount codes, I would normally just delete it. (SIS is such a company sending a lot of discounts)

  2. Ron Gurney

    These discounts are nice but Peloton’s biggest problem now is their horrendous delivery problem. Posts about this abound on the Peloton FB site. Discounts will not correct that situation but could worsen it if demand picks up…..

    • Yeah, it’ll be interesting to see if they can navigate the switchover (or switchback) to outsourcing delivery. To be fair, they’ve been pretty open about this in the last week or two, including the fact that it’s going to get slightly worse before it gets better.

    • Paul E

      I just wish they’d let us take delivery of the boxes and set it up ourselves. Now for the Tread it may be a bit more work, but setting up the bike is stupid easy. I have taken it apart to replace wheel and crank bearings. This isn’t like building a Saturn V rocket.

  3. James

    Same price as the one I bought in August for $1495 if you take into account they now charge a setup fee when it was free before.

  4. Steven Vanosdall

    I think the death of Peloton in the media is drastically overrated. Yeah, they aren’t going to grow at a pandemic pace. But they’re still growing.

    It is possible, BTW, to use Peloton on a non-peloton product. I use the Peloton app on my Pro-Form 9000 (iFit) treadmill. It takes a little work – and iFit really has tried to make it harder than it used to be – but once done, it’s done. I do have a Peloton bike. (I did this because the Peloton Tread was in recall limbo when I pulled the trigger, but I’m happy with it. I do not get data like I would on a Peloton tread, but that’s ok. I end up with an ’empty’ Strava thing for the class, and then another with the data from iFit.)

    And yeah, if people want a code, I’m sure we can come up with more than just DC’s 5.

    • raven

      While one can run the Peloton digital app with any bike, you cannot connect power sensors in any way. On iOS you can connect cadence sensors (but not on Android, which is bizarre). This makes Power Zone rides a bit more difficult as you need another app/source to view power to follow along.

      Additionally, leaderboards aren’t an option for digital app users, but that one makes a bit more sense and isn’t a real issue.

  5. Chris B

    Do you have anything on the new Peloton heart rate band?

  6. Courtney

    Commenting on this because I haven’t seen it elsewhere. I’ve been using my Peloton as a trainer until I get my butt in gear to set up my Wahoo Kickr. You CAN import your workout to Training Peaks using a stupid simple app called RunGap. Yesterday I had some cadence work on my training plan all in Z2. You do the workout, sync it to RunGap, then Share to Training Peaks.

    Note you do have to upgrade to premium (called Swag Bag) in RunGap but it’s pretty cheap: $10-20/ year (I can’t remember).

  7. Yavor Bachvarov

    I have been thinking of buying one for a long time already, have no friends unfortunately who use it. Anybody fancy sharing their code with me? Would be so appreciated! Thx

  8. Courtney

    I am happy to share a code … if I ever receive one! So far, nothing from Peloton in my inbox.

  9. Harvey

    Would appreciate it if someone can share a code my way. Thanks.

  10. Susan

    I’d love a code!

  11. Meaghan

    I would love one of these elusive codes if anyone has one to share!

  12. Sue

    Would love a code if you have one!

  13. Jesenia

    Hi! I’m thinking of buying one tomorrow is the code still available?! Would love to score $300 off. Also how does the first responders discount work thanks!

  14. Helena

    Hi does anyone have a code I can use? :) Thank you!

  15. Courtney

    The code that I posted above is good for 5 users. So, grab it while you can.

  16. Samantha

    I’d love a code if anyone has one

  17. Peter

    Would anyone be so kind to share a code with me?

    Ray, ik woon in België, ik zag dat het email adres verwijderd was van iemand dat het poste.
    Zou jij het kunnen delen?

  18. Andrew Atkinson

    Just came here to say the Peloton Tread (non plus) is the first Treadmill I’ve ever purchased myself and I love it. After 60 days and after having been a more regular runner for 5 years, I’m achieving a weekly running goal over these past 2 months that I could not have found the time to do before, and the Scenic Runs are mostly how I’m doing that. The scenic runs simulate running outside well enough for me. I hope Peloton continues to release more and more scenic and guided runs that leave the pacing up to the runner, but provide beautiful video footage, good music, all the stats, and the “virtual companionship” of the instructor on the guided runs. E.g. Matt Wilpers on the Hawaii run, dropping facts about Hawaii set against the excellent multi camera footage including drone footage. It’s a great platform I hope to be using it for years. I would be sad if I had purchased PTON stock at a high point but I did not. As a user the platform is a really great connected fitness platform and the combination of hardware and software to really deliver a high quality experience is great. I had a good 45 minute run this morning, some coffee, and appreciate that DC Rainmaker is providing more Peloton coverage to help make this platform accessible to more folks.

  19. Kimberly

    Is this still a valid promotion and is anyone willing to share a code?

  20. Just a quick update that I’ve sent all the codes I have at the moment out, but folks are free to share additional codes down below.


  21. Jonathan

    Welcome to use my code “5O0NCQKM”. Posted 3/9/22 at 7PM EST.

  22. David Campos

    I’d love to get a code if anyone’s got one!

  23. Samuel lei

    I too have been thinking of buying one for a long time already, have no friends unfortunately who use it.

    Anybody fancy sharing their code with me? Would be so appreciated! Thx

  24. Seth

    Only have a $100 code left but it’s better than nada!


  25. Nia


    Does anyone have an extra code, would truly appreciated.


    • Steve

      My code GP1BVCHJ should have 2 more uses and should be good today, which I believe is the last day.

    • Kelly Neil

      Hi here! I know I’m super late to the game but any chance you have a code left?

      thank you :)

    • Steve

      Kelly, the $300 off codes are dead, but the normal $100 codes work. But that’s $100 of ‘stuff’. Shoes, mats, weights, etc. My code for that is P9PCNM

  26. butterfly

    Hi, I would love a peloton referral code if there’s one available. Looking to workout at home more vs the gym/studios. Thanks!

  27. Karie

    I would love a code for a discount please! Thanks in advance!

  28. AhmedMalik

    . You CAN import your workout to Training Peaks link to
    using a stupid simple app called RunGap. Yesterday I had some cadence work on my training plan all in Z2. You do the workout, sync it to RunGap, then Share to Training Peaks.