I don't see my cycling as a hobby/recreation. It's my primary form of transportation and has been for over 30 years. I do most of my own maintenance, including wheel truing, I don't buy ridiculously expensive bikes, usually no more than $500, I don't get too crazy over gear/clothing.
So when you compare my expenses to that of the normal motorist, I save tons of money just in gas, but in all other areas as well.