And yet, maintenance increases as depreciation decreases with age. There have been many studies on this, people feel like it's cheap to drive these old cars, and it can be, but still not as cheap as they think.
People almost always calculate the cost of driving as cost of fuel. I am not aware of any vehicle out there where the cost of fuel accounts for the majority of the cost of driving, it's simply the most visible one. everything else adds up and transit is always cheaper.
That said, I never take transit, I'm just honest with myself that it's not a cost decision, but a comfort and convenience one.