This week has brought some exciting news that is thrilling to me not only as a diehard Peloton user, but someone with a well-documented obsession with buying and selling things on resale platforms: Peloton is rolling out its own marketplace for pre-owned fitness equipment. Called Repowered, it currently allows users to list their Bikes, Treads, and other equipment and soon will allow shoppers to buy them.

How Peloton: Repowered works

When you navigate to the Repowered site, you’re greeted with a welcome message, plus the information that the site is “currently only open for listing items, with the ability to purchase items coming soon.” You’re prompted to enter your email address if you want to be the “first to know” when the marketplace actually goes live.

Listing your equipment

You can start the process of listing your Peloton equipment now—after all, the site needs inventory before anyone can buy anything. You can list a Bike, Tread, or Row, but only if you’re in the Boston, New York City, or Washington, DC, metro areas. You can also list smaller accessories no matter where you live.

You’ll be prompted to enter your device’s serial number if you’re selling one of the larger pieces of equipment. For smaller pieces, like weights, you can use the search function to input your item. You’ll be able to set your own price, but the site will suggest a price for you based on information you provide, like age, condition, etc.

Actually selling your stuff

Once you have listed an item and the marketplace formally opens to buyers, it’s going to be your responsibility to arrange a pickup with the buyer or schedule delivery. Accessories and smaller items can be shipped separately, similar to how it works when you sell something on, say, Poshmark or Depop. From there, you’ll get paid.

Additionally, when you sell on Repowered, you get up to $600 off a future Peloton purchase. Essentially, if you’ve been considering, say, upgrading from a Bike to a Bike+, you can sell your Bike and receive a discount on a newer model. Here’s what you get off from each product if you make a Repowered sale:

• Bike+: $400 off

• Tread: $200 off

• Tread+: $600 off

• Row: $200 off

Because the platform is so new (and not fully operational), it’s not clear exactly how you’ll get paid or how much people are listing their goods for. You’ll get 70% of your earnings, though, which is a decent split. When I sell on Poshmark, I keep 80% of my sale price. When I sell on Depop, I keep 90%. There, though, I’m selling clothes and small electronics—items that don’t have a big sticker price. For something like a high-tech, at-home workout bike, 70% seems to be, in my professional opinion, a pretty decent split, not to mention that the discount toward a new Peloton purchase.

Why this is a great option

There are two main reasons this has the potential to be better than buying or selling on another platform, like Facebook Marketplace.

First, you never have to worry about scams because Peloton itself is coordinating the sale and every part of the transaction takes place on the app. Second, as long as you’re in one of those main markets, Peloton handles delivery, just as they do with their new and refurbished products. You can schedule pickups directly with buyers and sellers, but the platform will only provide a general radius of the product’s location. If you’re selling, this means no one will ever get your address and you have the freedom to meet in a public place within that radius.

Repowered is in its early stages, but it could fill a gap in the market by providing a trustworthy source of at-home fitness equipment for those who might otherwise find the cost prohibitive. Peloton has announced that the activation fee for used equipment is down from $95 to $45, too. The All Access Membership, required to take classes and use the devices to their maximum capabilities, is still $44 per month.