Peloton bikes are now cheaper than ever after the fitness giant slashed the price of its original bikes by several hundred dollars.

When Peloton launched Bike+ last September, the price of the original bike dropped from $2,245 to $1,895, but yesterday Peloton announced that the bike will now sell for $1,495 in the US. The price will also be reduced in the UK, Canada, Germany, and Australia, Peloton announced.

It was also announced that the Peloton Treadmill "Tread" will resume sales next week (August 30) for $2,495 after a recall and redesign.

The price cut comes the same week the brand announced its fourth-quarter results. Compared to the same period last year, Peloton's stock price fell nearly 24%. The drop is believed to be related to costs associated with the recall of the Tread and Tread+ products in May due to safety concerns, as well as a slowdown in purchases as more people feel more comfortable returning to the gym.

"Last year was an inflection point for the connected fitness industry as awareness and demand increased significantly after the Covid-19 craze began," CEO John Foley wrote in a letter to shareholders.

If you have always been interested in Peloton bikes but were put off by the price point, then yes, now is the time to invest. Along with the lower price, Peloton has announced new financing options to make its products more accessible to users.

The Peloton Bike is currently available for $39 per month for 39 months at 0% APR, while the Bike+ and the less expensive Tread are both available for $59 per month for 43 months at 0% APR. Of course, users will need to pay $39/month for an All Access membership at the same time.

For users who have shied away from Tread due to post-recall security concerns, Peloton also announced a new Tread Lock feature. This is a four-digit digital passcode that each user must enter to unlock the treadmill and start the belt. Peloton states that all current Tread and Tread+ users will have access to the Tread Lock Safety Feature.

As the world returns to normal and our ways of exercising change once again, Peloton seems to be doing everything in its power to retain and acquire new customers. In addition to price reductions, there are rumors of a Peloton rowing machine being added to Peloton's collection of home fitness products, but no release date has been set yet.