Even if we ignore the initial cost of the car, which is likely enough to kill the entire calculation, I just got my Escape back from the garage for the routine 100,000 mile maintenance (nothing broken, just routine maintenance) and it cost just under $1,400. I also know I need a new battery before winter hits again.
I won't spend anywhere near that on bicycle clothing and parts, not even over the next three years. It is ironic though, because I rarely drive the thing. My wife drives it all over the place, and she has another car of her own she just likes the Escape better.
I have no doubt riding the bike is cheaper.