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Yes, you are saving around $800 (+/- $1000) in gas.
At 16mpg for a truck (my avg) and 50mpg for a bike, and 40mpg for a Honda, the bike would have to be ridden 306 days of the year (88%) to not exceed the total gas consumption of your setup. That sounds like a worthy challenge!
A Honda won't make it up my driveway, but a 4x4, dual sport bike, or Subaru will. For my situation trading the truck (which I own) in on a Subaru (with payments) would break even. Keeping the truck, a motorcycle could pay for itself plus $100/mo in gas savings.
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