Honestly I don't know, largely because I do keep buying shiny new bits of kit, parts and the occasional bike upgrade (shhhh don't tell the missus).
What I do know is that over the last 10 years of commuting into London, plus lots of other leisure cycling, it still costs me a lot less per year than either a season ticket on the train or the depreciation and running costs of the car.
I don't feel in the slightest bit guilty about cycling related spend. Keeps me sane and fit and it's all still cheaper than the alternatives
