Hi,
Swimming and cycling seem to hurt my knees too. For me, it's not about impact so much as it's about the motion of bending and straightening my leg. We recently picked up an old nordic track skier from a local thrift store for about $35, and for me it has been a miracle!
I can get a good workout, and build leg muscle without having to bend and straightening my knee much at all. It really helps me get a workout with minimal pain.
ps. Since they aren't very popular anymore you can find them used for cheap.
Best wishes
