Is it cheaper to buy a Peloton than join a gym? We do the math

Many people are making resolutions for the new year. new fitness goals. If you are still pondering whether to finally purchase the much-hyped item, Peloton bike to help you get on a better exercise regimen at home, you might be wondering: Will this actually save me money down the line compared to joining a local gym

The best option for you will depend on many factors other than the cost. This includes your daily routine and exercise style preferences. However, the price tag is likely to be a significant part of the puzzle. 

We broke down the numbers to help determine whether it’s worth it to purchase a Peloton bike or a gym membership. (Spoiler Alert: It may not make any difference after the first year. These are estimates only and prices for gym memberships can vary depending on where you live and the Peloton package that you choose. Check out our Price Comparisons page for more information. if streaming services are really cheaper than cable, how much you can save by shopping at Trader Joe’s compared to a regular supermarket and how much you can save by switching from bottled water to a Brita filter.)  

Peloton vs. Gym Membership

Peloton vs. Gym First-Year Cost Second-Year Cost
Peloton Bike Basics $2,098 includes bike, cycling shoes All-Access membership $528 for All Access Membership
Peloton Bike Plus Basics $3,148 includes bike and cycling shoes, as well as All-Access membership $528 for All Access Membership
NYSC (Passport Membership) $780 includes a monthly and an annual fee $780 includes a monthly and an annual fee
Planet Fitness (Classic membership). $194 includes initiation, monthly, and annual fees $159 includes a monthly and an annual fee

What is the cost of a Peloton bicycle?

Peloton bikes were the most sought-after piece of equipment during the pandemic that saw gyms close. It’s easy for people to understand why. The indoor bike has a large screen that allows them to follow along with thousands, some live, of classes. This gives them both a great workout and a group fitness experience. You can also do classes like yoga and weightlifting in your own home. 

No matter what, you can’t go wrong with the original Peloton BikeOr the more expensive Bike PlusIt’s an investment. We break down the differences between the Peloton Bike and Bike Plus here). Peloton offers four packages for the Peloton Bike or Bike Plus. These options range from the bike only to the bike with extras like dumbbells or a heart rate monitor. These packages cost from $1,445 to $2,875. 

No matter which bike package you choose you will need to purchase the All-Access membership, which costs $44 per month. The good news about the membership is that you can create up 20 user profiles, so everyone in the family can use the same bike or the same membership package. The basic Peloton Bike package is $1,973 and the basic Peloton Bike plus package will cost you $3,023. 

You will also need to purchase cycling shoes for your Peloton. These can be purchased directly from the company starting at $125 a pairThere are many non-Peloton optionsThey are compatible with the bike as well.

We have broken down each Peloton package below so you can see how much it costs to purchase a Peloton or All-Access membership. These figures do NOT include any additional taxes and fees which may vary depending upon where you live. You can often find Peloton sales throughout each year on the Peloton websiteOr Amazon.)

Peloton Bike

Package Price Membership price Annual total
Bike basics $1,445 (includes 12-month warranty, delivery and setup) *Shoes not included. Available for purchase at $125 All-Access membership, $44/month x 12 Without shoes: $1973; with shoes: $2,098
Bike Starter $1,645 (includes 12-month Warranty, Delivery and Setup, Cycling Shoes, Light Weights, Bike Mat, Reversible Workout Mat, and Delivery and Setup). All-Access membership, $44/month x 12 $2,173
Select a Bike $1,725 (includes 12-month guarantee, delivery and set up, cycling shoes, lightweights, bike mats, water bottle, heart-rate band, and delivery and setup All-Access membership x 12: $44/month $2,253
Ultimate Bike $1,825 (includes 12-month Warranty, Delivery and Setup, Cycling Shoes, Light Weights, Bike Mat, Reversible Workout Mat, One Set of 5-30 lb. dumbbells, heart-rate band All-Access membership, $44/month x 12 $2,353

Peloton Bike Plus

Package Price Membership price Annual total
Bike Plus Basics $2,495 (includes 12-month warranty, delivery and setup) *Shoes not included. Available for purchase, $125 All-Access membership, $44/month x 12 Without shoes: $3.023 With shoes $3.148
Bike Plus Starter $2,695 (includes a 12-month warranty, cycling shoes and light weights as well as a mat, reversible exercise mat, and water bottle). All-Access membership, $44/month x 12 $3,223
Bike Plus Select $2,775 (includes 12-month Warranty, cycling shoes, lightweights, bike mat and reversible exercise mat, one set of 5-30 lb. dumbbells, heart-rate band All-Access membership, $44/month x 12 $3,303
Bike Plus Ultimate $2,875 (includes delivery and setup, 12-month warranty, cycling shoes, lightweights, bicycle mat, reversible mat, one set 5-30 lb. dumbbells, heart-rate band All-Access membership, $44/month x 12 $3,403

Finance of a Peloton

If you are unable to afford the entire Peloton, the company offers financing through a program called “Finance Option Through”. AffirmYou can apply for a loan through this site. You can pay the Basic Bike in monthly payments for 12 months, 24 month or 39 months. For the Bike Plus, you can pay in 12 months 24 months or 43 Months. 

Peloton will run a credit test to determine whether you are eligible for a low 0% annual percentage rate. This allows you to borrow money for the bike at no cost or at 4.8% APR. If you don’t have the credit score to qualify for the 0% rate, you might be charged a higher interest. This rate does not include any fees or additional taxes. This may be a good option if you’re financially stable and can qualify for the 0% APR. It’s important to carefully read the fine print before you commit to any alternative payment options. 

How much does a gym membership run?

treadmills in a row at gym

You have more options when you join a gym.

Getty/Kilito Chan

There are many gym membership options available. They can be expensive and vary depending on where they are located and what amenities they offer. New York City is home to gym memberships starting at $10, $40, $60, $80 and $80 per month. This does not include Equinox, which can cost over $200 per month for access to one gym. 

Most gyms charge an annual fee and an initiation fee in addition to the monthly fee. These fees can vary widely. The initiation fee allows the gym to make additional money when a new member joins. The annual fee is an additional cost that is charged once a year. It is used to pay for equipment maintenance. This fee can be approximately the same as a monthly membership fee. Sometimes, the annual or initiation fee can be waived if you join a gym during an offer. 

Gyms have a yearly contract you must sign up for. However, I have noticed that some gyms are moving away from yearly contracts and allowing members to pay month-to-month or a limited number of months upfront. Gyms expect members to cancel within 30 days. In some cases, gyms may ask you to send them a cancellation letter. Additional fees may be charged if you cancel your contract before it expires. 

I have created a breakdown of what a yearly gym membership looks like using data from my New York Sports Club Passport (which allowed me to access all gym locations) and my Planet Fitness Classic (which allowed me to access one particular gym location). 

Full disclosure: According the New York Sports ClubWebsite, it has changed its fees over the years that I was a member. This is an estimate based upon prices about two years ago. Planet FitnessSome of its fees have been changed since I was a Member over a Year ago. 

Gym Membership

Gym Monthly Gym Membership Fee 12 Months Annual Fee Initiation fee Total
NYSC (Passport Membership) $60 $60/month x12 = $720 $720 + $60 per year Refused $780
Planet Fitness (Classic membership). $10 $10/month x12 = $120 $120 + $39 Annual Fee = $159 $29 initiation charge + $6 per month prorate $194

You can see that depending on the cost of your gym, you could be paying $200 per year. These numbers can change depending on how much you are paying monthly and whether or not you have to pay an initiation or additional fee. 

Which is cheaper, a gym membership, or a Peloton over time?

The high upfront cost of the equipment and the ongoing membership fee make it clear that you will pay more for your first year of using a Peloton bicycle than for a gym membership. You’ll only pay $528 for your yearly Peloton All-Access Membership after the first year. This is similar to the cost of many yearly gym subscriptions. 

You can be more specific by comparing the Peloton All-Access membership to a gym like New York Sports Club, which charges $60 per month for a Passport member and an annual fee. A Planet Fitness membership costs $10 per month, which includes the annual and initiation fees. 

Bottom line: Should you sign up for a Peloton?

The choice between a Peloton membership and a gym subscription is ultimately a personal decision. It all depends on your finances, yes, but also on how much space you have, your schedule, your workout preferences, and your workout style. 

For instance, some people are too busy to have access to the Internet. workout spacePeloton helps people to exercise more during the week by having a Peloton at their home. Peloton is also well-known for its motivating community online. Sometimes that’s all you need. 

Others, however, need a gym to get in the right mindset for a workout. all the equipment they needYou can have more than one bike. A gym offers members the opportunity to meet up in person. 

You should also consider what amenities or equipment you want in a gym. Some gyms have limited equipment, while others have multiple pieces of the exact same equipment. Some gyms offer towels, toiletries, and other perks to members. Others are less generous. If you need help with your workouts and would like to hire a personal coach, that is available at an additional charge. (But don’t worry: We’ve got tips on how to haggle a cheaper gym membership.)  

Peloton offers a 30-day trial for those who aren’t sure which option is right for them. You can return the bike if you aren’t satisfied with it after you have purchased it. It’s a good idea to ask about gyms offering a free week trial, or day passes, before you make your final decision. These options will help you decide if a Peloton membership or a gym membership are right for you. 

You can also visit the best Peloton alternatives available, and our guide to working out at home.

This article is intended to provide information and education only. It does not constitute medical advice or health advice. Any questions you might have regarding a medical condition or your health goals should be directed to a qualified physician.

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