Biking's important to me, but I don't think I could justify passing up a 40% raise just over the bike. If it's one factor in a combination of issues that make the job undesirable, though, I wouldn't jump at a job you don't want just because of the pay.

There are jobs I'm qualified for in my city that would pay 30-40% more than I earn now, but in addition to most of them being industrial park jobs that would take me far from home, these high paying opportunities are all petro-chemical industry work, and I just can't justify sacrificing my ethics by working in that industry when I have other options that provide adequate income. The key here, though, is that my family is financially stable, though not exactly rich, in our current position. I did start my career in a company that did oilfield services (though I spent half the time I worked there working in the engineering group, that mostly designed sewers for suburbs), and now that I'm out and into something where the end product is actually something I'm (usually) proud to have been involved with, money alone couldn't lure me back.

So evaluate the whole opportunity together. A 40% raise is fantastic, but if it's the only think that's drawing you in, is it worth it? Biking is just one part of the puzzle.