This is extremely myopic. The entire point of cycling-as-transit, is that, as an investment, it's by far the most inexpensive alternative. If you're under the assumption that you'll already have a car, or free access to transit, or live on campus, then I see your argument. However, cycling as an alternative to these things is wildly, wildly inexpensive, even factoring in bikes that cost thousands of dollars.
The cost of luxuriously maintaining a bicycle is about $100-$200 annually. The cost of maintaining an automobile is about $8000 annually, it's just that the costs are broken up into micropayments on things like fuel or hiding in the depreciation.