Tuesday, August 22, 2006

Gym Membership for Life

My fiancé and I had talked about getting new gym memberships. He currently has one to a gym that does not have a location near our new home in SF. I normally do not go to the gym or just use the one at the hotels when I travel. 24 Hour Fitness was the obvious choice for us, but we needed to know more information about the prices. 24 Hour is especially good for me since I travel, allowing me to use the gym while I am out in other parts of the country as well.

His friend had gotten a deal where he paid $750 for the first 3 years and $99/year thereafter. This type of membership obviously benefits someone who knows they will be going for a long time and the club benefits from those who get decide they are going to start working out all the time and then do not stick with it.

Yesterday my fiancé went to the gym with his friend and asked if they had any three-year specials. Here is the deal we received: $600 for the first 3 years and $49/year after that. In the first 3 years, that calculates out to be an average of $200/year and $17/month. In subsequent years, it’s only $4/month. Of course, the benefit for the club is they make their money upfront since we had to pay $600 for each of our memberships yesterday. My fiancé’s friend even thought about switching to the new deal since it would save him money in the long run (after more than 12 years), but he decided not to. We can use all 24 Hour Fitness gyms except for one or two really nice ones, which is fine by us.

That means no excuses from me that the gym is too expensive. It is now a sunk cost for us, so we better use it and enjoy it! It also means that 24 Hour needs to stay in business and we need to work out A LOT to decrease our cost per use.

Comparative monthly gym prices (note this might be out of date since it was 2 years ago when I was looking to join a gym and these gyms are mostly in NYC):

NYSC: $80 discounted all-clubs access

Reebok Sports Club in NYC: $180 - the NICEST gym I have ever been to. What other gym has a 40 foot rock climbing wall?

Equinox Fitness, mostly in NYC : $100


Daniel said...

I got the same deal at 24 hour fitness that you got about 4 years ago. I'm in my $49 a year renewals right now and its great. The gym membership is now a non-expense (which also justifies not going) :)

calgirlfinance said...

Daniel, you're not setting a good example for me! =) I hate the gym, but I like going with my fiance.