Would you take new Gym promo?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities

Would you take advantage of the new offer?

Yes
7
33%
No
14
67%
 
Total votes : 21

Would you take new Gym promo?

Postby C4NT » Thu Apr 04, 2013 3:51 pm

The gist -

Currently wife and I pay $58/month ($696/year) at local gym. (There are some cheaper alternatives in area but further away and we workout early in the morning - this one is very convenient for us.) New promo deal makes you pay 2 years ($1462) in advance at new rate and get third year free. After which you are guaranteed a rate $418/year going forward. (All figures are for both of us, not individuall)

I like the potential of reducing monthly cost at gym, but really don't like the length of this commitment. Wife and I have attended gym for past 3 years, and it would take a major health event or unexpected move for a job change for us to stop going. We alternate mornings, but one of us is there every weekday.

Break even point would be 2.2 years. After the first 3 years, it would be a savings of $614, and would save an additional $281 each year after.

The gym is a major national brand.

What do you think?
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Re: Would you take new Gym promo?

Postby Igglesman » Thu Apr 04, 2013 4:05 pm

I remember back to the 80's when a bunch of these national chains went belly up and members were left with nothing...or possibly the chance to go to another facility. Factor the risk of bankruptcy or a buyout into your math. :P
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Re: Would you take new Gym promo?

Postby kitteh » Thu Apr 04, 2013 4:40 pm

I stopped in at a Planet Fitness a couple of weeks ago and I think they charge something like $10 a month and $29 annual fee. The place was full of machines.
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Re: Would you take new Gym promo?

Postby Breezy » Thu Apr 04, 2013 5:13 pm

I would not take the offer because I'm suspicious of it. If it were to pay one year in full for a reduced rate, that would be one thing, but it actually sounds to me like advance planning on their part to screw over their customers.

The huge trend in my area is the $10-20 month, no contract clubs, and I know more expensive gyms are losing members because of it. Bally's has left town, LA Fitness has absorbed a couple of them - but basically, I suspect that anything with a membership contract is going to be in trouble in the next few years, if they aren't already.

I'm actually one of those who left my $55/month gym after ten years to join a $10 one and it's been a very good change, no regrets.
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Re: Would you take new Gym promo?

Postby nisiprius » Thu Apr 04, 2013 5:36 pm

I wouldn't. Gyms are the classic example of a purchase in which a long commitment is unwise, for two reasons. First, because gyms and fitness centers do go belly-up with some regularity. And one possible motivation for their making such an offer could be that they are experiencing some financial pain and are trying to get some money quickly upfront.

The second is that "stuff happens" and it's not that rare for something to happen to prevent you from going forever--your work schedule changes, or they change their hours, or you experience a minor injury, or you move, or a gym you like better opens up nearby.
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Re: Would you take new Gym promo?

Postby protagonist » Thu Apr 04, 2013 6:20 pm

About 4 years ago I bought a one-year membership on a promo deal at a full-feature gym for the ridiculous price of $19/month. Amazingly, as long as I do not stop paying my $19, the rate is good perpetually. So after my health insurance rebate (I forget if it is $150 or $200/year), my gym membership is almost free.

That said, two years with a third year free is much more dicey. The gym could go belly-up, you could move, you could (for many reasons) stop going, and yet you are locked in. Gyms make most of their money on the exceedingly high dropout rate of clients with contracts. Unless you love the gym and you are sure you will be working out regularly for over two years I would pass.
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Re: Would you take new Gym promo?

Postby serbeer » Thu Apr 04, 2013 6:34 pm

I would not pre-pay for longer than a year. Even if gym chain stays afloat, the particular club that is close to you can be shut down leaving you with nearly worthless membership.
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Re: Would you take new Gym promo?

Postby Epsilon Delta » Thu Apr 04, 2013 7:41 pm

In my opinion a convenient location is one of the most important characteristic of a gym. If you don't go to the gym your membership is entirely wasted, no matter how cheap.
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Re: Would you take new Gym promo?

Postby prudent » Thu Apr 04, 2013 7:56 pm

I would be concerned that they are having cashflow problems which is why they want big payments now for free service later. I would read the fine print intensely to see what remedy you might have if they close. I suspect it will say as long as there is another location within X miles, you get nothing. And X might be a pretty big number.
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Re: Would you take new Gym promo?

Postby Hector » Thu Apr 04, 2013 8:08 pm

I would get this offer.

About 5 years ago, I singed up at 24 hrs fitness for 3 years membership. It cost me 250/year for first three year. And from 4th years onward it costs 29/year. When I singed up, I thought I would pay only 29/year for rest of my life. I do not think it is gonna happen, but I am enjoying paying 29/year for last couple of years.

I am sure there would be few members like me and gym is not making money from us. So ofcourse they got creative. The closest two gyms to our place were upgraded and my membership is not good there. Fortunately there is gym close to my work and my membership is good there. But I wonder how long would it last. They would change that club type soon. If not, there is always a chance to change jobs
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Re: Would you take new Gym promo?

Postby poker27 » Thu Apr 04, 2013 8:09 pm

Its crazy how area depicts pricing. My gym bill is 160 a month for two people, and its an average gym. I last gym membership was 110 a month for a single person. But Im with the bulk of folks here, I wouldnt do it. You never know how things will change
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Re: Would you take new Gym promo?

Postby pennstater2005 » Thu Apr 04, 2013 8:20 pm

Don't do it.
My children love my mother, and I tell my children “That is NOT the same woman I grew up with…that is an old woman trying to get into heaven now.” - Bill Cosby
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Re: Would you take new Gym promo?

Postby rayout » Thu Apr 04, 2013 8:38 pm

My pull up bar cost me $20 off of amazon, that's about all the workout equipment I need for the winter :)
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Re: Would you take new Gym promo?

Postby Saving$ » Thu Apr 04, 2013 8:55 pm

protagonist wrote:So after my health insurance rebate (I forget if it is $150 or $200/year), my gym membership is almost free..


Please tell us more. Is this a benefit on most health insurance policies that I have managed to not find out about, or do you have special health insurance?
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Re: Would you take new Gym promo?

Postby leonard » Thu Apr 04, 2013 9:01 pm

Home gym is one of the best purchases I have ever made. Consider it if you have the space. Set cost and best of all no dealing with lines at the gym, sick people using the equipment, drive time to the gym. etc. etc.

Worth every penny.
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Re: Would you take new Gym promo?

Postby ejvyas » Thu Apr 04, 2013 9:24 pm

Saving$ wrote:
protagonist wrote:So after my health insurance rebate (I forget if it is $150 or $200/year), my gym membership is almost free..


Please tell us more. Is this a benefit on most health insurance policies that I have managed to not find out about, or do you have special health insurance?

It depends on the insurance and your employer. Not all plans have this benefits. My last 3 employers had this benefit. Current does not
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Re: Would you take new Gym promo?

Postby protagonist » Fri Apr 05, 2013 10:08 am

Saving$ wrote:
protagonist wrote:So after my health insurance rebate (I forget if it is $150 or $200/year), my gym membership is almost free..


Please tell us more. Is this a benefit on most health insurance policies that I have managed to not find out about, or do you have special health insurance?


My insurance is not special...currently it is via MA Health Connector (aka "Romneycare" to the national public), but my prior group policy via my work (Blue Cross Blue Shield or whatever they call themselves these days) offered something similar. Many health insurance policies offer annual rebates of varying amounts on gym membership. This varies from company to company. You need to contact your insurance agent and inquire about it.
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