If it does take longer, consider that the time you spend on your bicycle is probably more relaxing and rewarding. Also, riding your bike to and from work eliminates the need to spend time exercising in the evening. I don't own a bike and my commute is already expensive. You may need to make an initial investment, but even if you buy a new bike and equipment, it should pay off in lower commute costs in no time. It's best to purchase a bike from a bicycle dealer who will fit the bike to you and provide follow-up adjustments and repair.
Some dealers carry used bikes.
My clothes will be wrinkled when I get to work. On a short, relatively flat ride, you may arrive in good shape. For longer rides, you'll find that racks, bike bags and special panniers are great for carrying a change of clothes to work wrinkle-free. You can also leave your work clothes at the office, or take the bus when you have special meetings that require dress attire. Invite bike shop staff to give workshops on bicycle safety, maintenance, and accessories.