The answer to the question will vary greatly from person to person and situation to situation. If you view cycling as a sport and then transition into commuting, the costs aren't as noticeable, since you probably already have the major expense covered- the bike. OTOH, if you're broke and your car breaks down and are looking at bike commuting to 'get by' until you can get the car fixed, it's going to seem pricey... especially if you go by the "Bicycling Magazine Buyer's Guide".