I certainly spent more the first year on the bike than I saved on the car. My car usage is really cheap. I can't count getting rid of the car because that's not going to happen, so no savings on insurance. I drive cars until they fall apart, and my car's been paid off for years and should last many more years, so no payments to count off. I don't pay for parking anywhere, so no savings there. There are no busses here, so no chance of a savings there. I change my own oil and do my own repairs on both the car and the bike. I only need to change the oil about once a year, so that's about $10/year. I did do the 100K mile "replace everything" service a couple of years ago on my car; that was about $75; one belt, a stack of filters, and a set of brake pads (the rotors still look like new).
I bought a $300 bike, but probably spent another $800 or more on equipment; even though I'm a total cheapskate and hate spending money: $100 rain jacket (WELL worth it), about $130 on poly layers (mainly I use these in the winter), $75 for rack and fenders, $60 to upgrade to SPD pedals and shoes, $25 helmet, $300 on lighting (HID, rear strobe, cateye taillight and LED backup headlight), $50 on parts to rebuild the crappy rear wheel the bike came with, mirrors, helmet cover, and a bunch of other random little things.
So the first year, the bike was definitely more expensive. I would have only spent another $700 or so on the car if I drove it every day. And the first year, I didn't even cycle half the days, so I spent much more by cycling.
Still, I'm not doing this for monetary savings, never was and it doesn't even count into my thoughts. I'm kind of baffled when people ask me if I'm saving a lot of money by cycling. I usually say "beats me, I'm not doing this to save money. I'd be cycling even if gas and cars were free." Actually I'd be doing it ESPECIALLY in that case, since then the pollution would be even worse from other people driving.