is it worth it to drive from Milan to Como?

Of course you can drive there. The problem is not driving but finding parking. Are you staying in the city of Como? Or in the prettier mid lake region of Lake Como?
We had a car on our first trip to Lake Como but for the next three trips we hired a driver
(davideguerrera.com) or took a train./ ferry combination.

I doubt the car is $20 a day by the time you add the mandatory insurance, gas, and parking. And possible ZTL violation expense.

The cost of a train ticket from Como (the town) to Lugano is €20,

Have you factored fuel? (Actually, not a big cost). Add something like eur 4 per direction in Italian highway tolls.
If you drive north of Como to Lugano, remember that the Swiss highway sticker costs CHF 40 per year, no matter if you use it for a single day or every day of the year. You may consider avoiding the highway and taking the ordinary road (no sticker required), but this means that you have to cross border at the ordinary Como/Chiasso border point and not at the highway border. Driving all the way to Lugano without using the highway is well possible but you have to be a bit careful. Metered parking in Lugano quite expensive.

It is possible to drive but I would go by train. As others already said the cost is not only rental plus worries about traffic, parking and so on. By train you won't get stuck in traffic, no accidents, speeding tickets, looking for parking. Train in Europe is something totally different than here, it goes very often, fast, you can decide on the spot, don't have to book ahead (with few exceptions). Train is usually preferable to car unless you want to see the countryside.

Is that $20 or €20? If it's the latter, that's $24.50 today. The vignette at CHF 40 would be $41.50.

If you are from the USA or Canada, don't forget the requirement to have an International Drivers Permit for each driver. It's not a big expense, but inflates the cost of driving a bit more.

And if you plan to return the car in Switzerland, there will be a substantial drop off fee.

When you add up all the pieces, renting a car may not be cheaper than taking the train after all.

As an example, on Trenitalia I'm finding Milano Centrale to Como S. Giovanni 27.90€ for 3 adults on EuroCity trains with no train changes. That's 9.30€ per person and appears to be a walk-up price. It's the same for 9 April as for 8 May as for 5 June. The trip takes 46 minutes.

I'm also finding Como S. Giovanni to Lugano with no changes, 3 adults for 60€ on 9 April. The trip takes 37 minutes. On 8 May and on 5 June the price stays the same.

Assuming a return from Lugano to Milano Centrale, the price is 72 € for no changes on 9 April and 8 May. 5 June isn't loaded yet. The trip takes 1 hr, 15 min.

I did see a 3 for the price of 2 ad on Trenitalia. That might be worth checking out.

Lo - Thank you so much for your awesome breakdown and helpful tip. I agree - I think I will take the train instead! Great advice! Thank you so much!

Thank you so much Ilja! Good point!

Suki - I am hoping to stay in the prettier part of Como :). Around mid-lake area. I think after taking in everyone's advice, i will take the train instead to avoid all the risks and the hassles.

Thank you so much Lola!

Lachera - thank you! You got me at the metered parking in Lugano! Good point!

You can also take the Trenord train from Milano Cadorna station to Como Nord Lago station for 4.80 EUR per person. That drops you right at the lake front instead of the side of the hill west of town at San Giovanni station, where the Trenitalia trains call.

oh man - Sam - I wish I saw your note. I just booked the ticket from Milano Centrale already :(

Wait Sam- I didn't book! I am so glad. How do you get from Milano Centrale toMilano Nord Cadorna. Thank you!

hannah

And while you’re in the city of Como, take the funicular (very close to the train station) up to the village of Brunate for a fabulous panorama of the city, the lake and the alps. Breathtaking.

The three people are all adults? Or two and a little one?

You can take a train from Milan to Varenna, which is where Rick recommends you stay. Last time, I stayed right in Como, and found it to be a very convenient base (many boats leave from right there for visiting other areas around the Lake). It’s just a 15-min. walk or so from the Como San Giovanni train station to the waterfront. But I suppose it’s not as romantic to stay there as other towns on Lake Como. I still loved it. Also to consider: I don’t think you can take a train directly from Varenna to Lugano.

Centrale and Cadorna stations are connected by the M2 (aka Green Line) Metro.