Improving public transport (PT) services is critical to maintaining resilient and sustainable transportation. While the investment in PT (i.e., buses) has not been able to shift private vehicle users, especially motorcyclists, to buses, the emergence of motorcycle-based ride-sourcing (MBRS) has become a popular travel mode that threatens the existing bus demand. Due to this, this study aimed to investigate the factors affecting the choice of buses over private motorcycles and MBRS among high school and university students in Yogyakarta, Indonesia, through the hybrid choice model. The explored variables include sociodemographic characteristics, travel time, travel cost, and latent variables of travel mode perceptions. By involving 527 respondents, the analysis showed that travel time, travel cost, and sociodemographic factors, including education level, income, and motorcycle ownership, significantly impacted travel mode choices. The findings also revealed that convenience causes buses to be the chosen transport means among students, while lifestyle generates students to choose MBRS services. Based on findings, this study proposed some policies to increase bus demand, especially related to the identified convenience factors and travel time.