I don't know the details, but they built a new subway system in New Delhi a couple of years ago.
Article about the system.
The point I am trying to make is exactly the one Stereodude made; mismanagement and poor management are what drive up costs for mass transit systems. That, and political pork insisting that stations are built in neighborhoods that don't make sense, NIMBY, etc. As Tim pointed out, as we suck the ground dry of petroleum, mass transit will become more and more attractive. Anybody that decries mass-transit is in denial.
The things you mentioned drive up the cost of roads also. It's an across the board problem with public works projects which needs to be fixed.
Mass transit has an additional factor going against it-a strong vested interest by many with influence to make sure it doesn't work. Consider what would happen if the HSR system shown in the map I linked to actually existed. Furthermore, suppose we had a decent system of integrated light rail/subways near the stations so at most destinations a rider could get within walking distance of their final destination. Let's look at what would happen:
1) Domestic air flights would probably decrease by at least 50%, if not more. That means less oil sold to airlines. It also means a sharp decrease in the taxi business and rental car business used to get people to the airports. Again, less oil sold, and fewer cars sold.
2) I don't even want to think about how those HSR lines would affect long distance car travel, but my guess is it would be cut down by 75%, perhaps even more. Again, less oil sold. There would be fewer tolls collected. Those small towns along the way which have come to rely on speeding ticket revenues would cease to exist. Most rest stops would go out of business as would many motels.
3) Given that owning a car would become more of a luxury instead of a necessity for many people, car ownership would decrease drastically. Many people would opt to rent a car for those few times a year the HSR and local rail network didn't suffice. Many might still own some sort of personal transport for errands, but it would likely be in the form of a small, short range EV, not a more expensive long distance gas-powered cruiser. Overall car sales and profits would decrease dramatically. Industries which feed off the auto industry would be affected as well.
4) Hospitals would see an immediate huge drop off in auto-related trauma cases, and eventually cancers as the air became cleaner. Because people would be living longer retirement programs like Social Security would be in further deficit.
5) Union jobs repairing/maintaining roads would drop dramatically as many roads would no longer be economically viable to maintain. As fewer roads existed, owning a car would become even less attractive, further dropping auto sales.
Of course, the positive effects of the system would outweigh the negatives
but the immediate losers happen to be those with the most influence (big oil, big auto, medicine, airlines, labor unions). Those who might gain are currently bit players. Easy to see why politicians often hand pick the location of a new system so as to doom it to failure, and fail to fund projects in viable markets like the Northeast. They just don't want mass transit to work.