One point hasn't been mentioned here.

Aside from all the talk about how much is saved, the bicycle has another advantage. If you lose your work tomorrow, it's very likely that you could get by for a number of months without spending a nickel on your bicycle. At least, I know I could.

If you were totally broke, you could scrounge up some used parts, live a little longer with the bike clothing and gear you already have.

This often isn't the case with a car. You have to come up with the payments, insurance, gas, etc. etc, every month.. no exceptions.

So in a sense the bicycle is more like an asset, whereas you could never claim a car, with its rapid depreciation, is anything more than pure expense.