The program, called Peloton Certified Refurbished, will offer models priced between $1,145 and $1,995 and come with the same 12-month warranty as new bikes.

The fitness equipment maker has become all the rage among fitness enthusiasts during the COVID-19 pandemic, with the company’s market valuation peaking at nearly $50 billion in early 2021.

However, as people head back to the gym, demand for the company’s fitness equipment has dwindled, and its market cap is now down to $3.02 billion.

Earlier this year, the company expanded its rental program in the U.S., allowing consumers to choose from models like the Peloton Bike and Bike+ on a monthly basis.

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