One good option is to turn your bike into a stationary bike so you can use it for both purposes. Options range from cheap to crazy expensive, like everything else with bikes. https://www.rei.com/learn/expert-advice/indoor-bike-trainers...

I'm a big fan of the Schwinn recumbent I bought pre-pandemic. It was <$250 and has seen a lot of use.

Not the nicest bike by a long shot, but it gets daily use.

> hope either they or the underwriter collapse shortly after

Has this ever worked? Surely the administrator would just sell the debt at a discount (for them, not you).

If Peloton collapse, they would stop providing their cloud product and you presumably wouldn't be on the hook to keep paying them, and they might not ask for the bikes back. If you only want the physical equipment, this might work out for you.