You’re paying the same or more for a regular gym membership. My wife pays $200/month+ for Pilates.
Exercise bikes have been overpriced for a long while, and Peloton moved that price point to the moon when they first came out. Around $2k depending on how early and what model you bought one. That's more than a riding lawn mower. You're trying to tell me that the material costs and complexity and warranty work on a Peloton costs more than a riding lawn mower? Come on.
Pelotons now are about $1500 and the membership is $50 a month. After a calendar year, that's $2100 total spent. At the spin studio here (in a relatively LCOL area), the classes are $22 each with their best deal being unlimited rides at $195/month for a six month contract. Two of those contracts is $2,340 in a calendar year. After the first year, it's more cost effective to have a Peloton and the membership
Value is in the eye of the consumer for sure. It's true that all of this likely overpriced but that's the market
Peloton would likely be out of business by the time my gym costs would pay off the initial price but given the subscription, it never would.