Capital Bikeshare for the daily commuter?

This morning the building that I work in had a table set up and was giving out free reusable bags and coffee.  The people hosting the table work for the Arlington county transportation partnership, and they wanted to ask folks about their commute (and try and convince them to use public transportation).  I went down for the free coffee and bag, but I picked up some brochures at the table.  One of them was for the Capital Bikeshare program that has been growing significantly throughout the D.C. metro area.  My coworkers and I were wondering what the advantages of the Capital Bikeshare would be, as the rates seemed to be on the high side.  With the average bike commuter in mind, I decided to do a non-scientific comparison to see if it would be worth it to join Capital Bikeshare or to just purchase a bike for yourself to get to and from work.
What is Capital Bikeshare?

Capital Bikeshare puts 1,100 bicycles at your fingertips. You can choose from over 110 stations across Washington, D.C. and Arlington, VA and return it to any station near your destination. Check out a bike for your trip to work, to the Metro, to run errands, go shopping, or visit friends and family...

The other day I took a random walk around D.C. I hit nearly all the major neighborhoods (downtown, dupont, woodley park, adams morgan, u street, shaw, mt. vernon square, chinatown, and penn quarter).  In almost every neighborhood, I saw a bikeshare station, with brand new red bikes.  I considered renting a bike for an hour just to try it, but then I looked at the rates...

Join:  $5/day; $25/month; $50/year -  
Usage Fees (you can't use unless you join):
0-30 minutes FREE; 31-60 minutes +$1.50; 61-90 minutes +$3.00; Each additional 30 minutes +$6.00.

The annual expense, then, for an average bike commuter using the bikeshare program could be as follows:

• Join $50*
• Daily usage $3 (assuming commute is 45min) x 200 annual commuting work days (avg. incl. holidays, vacation, inclement weather, etc.) = $600
• Helmet $60 (average)
• Total, year 1: $710
• Total, year 2: $650
• Total, year 3: $650
• 3 year grand total: $2,010

After the first year, the costs would go down to $650 because you would not need to purchase another helmet.  *However, Capital Bikeshare notes that the $50/year annual rate is an introductory offer.  This will likely go up in the future.

This seems expensive for a bikeshare program.  Even though the bikeshare allows you to park at any station, you still need to pack a helmet and other gear with you if you need to ride.  I suppose the upkeep and maintenance would not be an issue, but I still wonder why someone would use this option to commute to work. 

Personal bike costs.

• Bike: $600 (of course, this could be a lot higher or lower depending upon your tastes, but lets just assume this for a lower-end Trek hybrid bike).
• Helmet: $60
• Lock: $50
• Gear: $100
• Upkeep/Maintenance:  $75/year (this also could vary significantly)
• Total, year 1: $885
• Total, year 2: $75
• Total: year 3: $75
• 3 year grand total: $1,035

After the first year, the costs significantly decrease for a personal bike.  A good quality bike could last you up to 10 years easily, if not more.

Conclusion.

After a 3 year bike commute, the costs are nearly double to use the bikeshare program.  It makes little to no sense unless you have absolutely nowhere to store a personal bike at home, or at work, to go the bikeshare route.  For an occasional jaunt across town, bikeshare may make sense, as it's certainly a more fun way to get around the city.  However, for the average bike commuter, it makes no financial sense to join bikeshare.  Just buy a bike and start riding.