This turned into a novel, sorry...but this was my first lockdown project last spring, so I have thoughts!
I have a
Schwinn IC4 that I use with the Peloton app. I found it at my local D*ick's Sporting Goods (had to stalk the app to find it early in the morning!). At the time that I bought it, it was $799 and I got 10% off by signing up for D*ck's email list. It looks like it is now $899.
I did initially want the real Peloton bike...I went with the Schwinn because it had good reviews and I didn't know if I would like spin classes, so it made sense to try a cheaper bike first. It isn't *cheap* by any means, but it's cheaper than the Peloton.
We have had the bike since May, and I'm still happy that we went with this one over the Peloton for a few reasons:
1. Not only is the bike cheaper, the access to the content (classes) is cheaper as well. It's $12.99 per month to get the Peloton app, which you can use with a non-Peloton bike or treadmill vs. $39 per month if you have a Peloton bike or treadmill. You still get all of the same classes, but you don't get some of the metrics that the Peloton bike and treadmill track. Also, with $39/month fee you can add multiple user profiles...with the app you can only have one (so if my husband wants to use it, he'd need to do so under my account rather than having his own account). I'm the only one in my house that uses it and I don't care about the extra metrics that come with the $39/month membership, so this is fine for me.
2. Someone else alluded to this, but I don't know if I will want to be locked into the Peloton universe forever...if I decide I don't like the Peloton classes anymore, I can cancel and try a different service (Zwift, Apple Fitness+, etc.).
3. I've read stories of the Peloton screens breaking and it costs like $750 to replace...my phone *is* my screen (or I'll mirror to our Apple TV or use the Apple TV Peloton app for non-bike workouts), so I don't need to worry about that.
4. My original reason for getting a cheaper bike is still a big one - I have a short attention span with exercise. Sometimes I prefer running for my cardio, sometimes I prefer spinning (I'm back into spinning as of this week after doing some running last month

). If I had a $2K unused Peloton sitting there I'd hate myself a little more than I do when I have a $700 unused Schwinn sitting there.
The biggest CON is that the resistance on the Schwinn doesn't match up exactly with Peloton's resistance. There are conversion charts out there and you can figure it out on your own as well (check the PelotonCycle subreddit for how to do that)...it's annoying but not worth the other things I said above to get the Peloton bike.
Check out the Peloton Digital App Users Facebook group...lots of good insight there and some other alternate bike options as well (Bowflex C6 - same thing as the Schwinn, Keiser M3i, etc.).
I will say - I do think that the Peloton is a good deal. I was paying $149/month for my OrangeTheory Fitness membership when lockdown started, so even with getting the actual Peloton, it was going to be much cheaper. But I am blown away by how much content is on the app for the $13.99 per month I am currently paying. Very happy with it.
ALSO: If you have a Chase Credit Card,
check out this offer they have this year. I'm getting 4 months free since I have the Sapphire card!
I recommend the bike bootcamp classes - they are a lot like OTF (they also have treadmill bootcamp classes if you have your own treadmill)!