On Monday, Peloton Interactive announced that it will offer refurbished bikes at a discount of up to $500 over new bikes in the continental United States and Canada.

Models priced at $1,145 and $1,995 under the program, which is called Peloton Certified Refurbished, will come with the same 12-month warranty as new bikes.

“We are excited to offer refurbished Peloton bikes at these new price points, opening the engaging Peloton experience to even more members,” said Vice President of Emerging Business & Strategic Partnerships Amanda Shulman.

Shulman continued, “All pre-owned bikes have been refurbished and checked to meet our rigorous quality standards, and our new program allows us to find these bikes a second home.”

The wellness hardware creator was extremely popular among wellness devotees during Coronavirus lockdowns, with the organization hitting a pinnacle market valuation of almost $50 billion in mid 2021.

In any case, with individuals getting back to rec centers, Peloton saw interest for its wellness gear decrease and saw its market cap rut to under $3 billion as of now. Shares are down over 75% year to date.

With an end goal to increment ridership, Peloton recently offered confirmed repaired bikes from their application for as low as $500.

Peloton is not the only company where customers are disinterested in expensive spin classes. In August, 25% of SoulCycle’s nationwide locations, which provides in-person cycling experiences, were closed.

Equinox, a privately held company, owns SoulCycle, which launched its own at-home bike in March 2020. The bike has a starting price of $2,500 but can be purchased for $1,500.

The company added a month-to-month option to its Peloton Bike and Bike+ models as part of an expansion of its rental program earlier this year in the United States.