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Peloton has had to postpone the release of their resale marketplace because used Peloton bikes are selling within hours for nearly full price!

Peloton is so popular that its used bikes typically sell in less than a day for nearly full price, according to reporting from the New York Times' Sapna Maheshwari and Erin Griffith.

The huge demand for used Peloton bikes caused the company to put plans for a used bike marketplace on hold because of lack of inventory, Griffith tweeted.

In September, Peloton CEO John Foley mentioned plans to eventually start a certified pre-owned program, and possibly rental bikes too. The program was planned for "the coming years," he clarified. "We do have plans to offer a CPO program... and that will be in the future, and we're not announcing that today."

Peloton did not immediately respond to Insider's request for comment.

Lack of used bikes is reportedly holding that program back. "You could sell your bike on Craigslist or eBay and get a pretty hefty portion of your original purchase price," Foley said on CNBC in September. Peloton's website directs buyers looking for used bikes to look at options like eBay, Facebook Marketplace, and local buying and selling groups.

Of the nearly 120 results for Peloton bikes on eBay, most are listed at over $1,500, not much lower than the starting $1,895 price of the least expensive Peloton. The Facebook group "Peloton Buy Sell Trade" has more than 156,000 members, showing clear interest in buying used bikes.

The COVID-19 pandemic has been a boon for Peloton as gyms closed and people were increasingly stuck at home. Sales grew 172% year-over-year as of September 11, 2020, and the company's market value is nearing $43 billion. The popularity came with a big cost for the stationary bike company — extended delivery delays have angered some customers and led to social media snark. For now, Peloton is still taking orders and giving an estimated delivery date of eight to ten weeks.
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