There are a number of ways of thinking about it.

First, as mentioned, selling the car (or a car) is the winner. You save money when you do that.

However, the way I look at it is, if I weren't fixated on cycling I'd have some other hobby I blow money on. Friends and family would buy me other crap for Christmas. So if I spend my "fun" money on biking stuff instead of, say, electronics and such, that spending doesn't really fit in the calculations.

That's why commuting math is so convoluted. Cycling is my means of transportation, recreation, exercise, and a hobby. When you consider one thing fills all those needs, it's pretty cheap.