Your comparing apples and oranges. The number your quoting, the cost of the bike, compares very favorably, with the cost of the actual bikes in the OP's situation--about $1100. However, the cost the OP is describing is the complete capitol and operating expenses for the bike share over a three year period. This includes the cost of the stations and terminals for collecting fees. The cost of shuffling bikes between stations to keep the system balanced. Maintenance costs on the bikes, etc...

From my perspective, it does not seem excessive. Indeed it is pretty close to what I would have guessed.


P.S. If the OP's system is anything like my local bike share system, it also includes the costs of the director (and possibly staff) to go on junkets to see how such systems are operated in foreign countries like Chile...