I've analyzed the economics of reloading several times, and it's actually kinda complicated. For my .45, though, I look at it this way: Brass costs me about $11/1000 (assuming a cost of $110 per 1000 with a 10-cycle useful life before the casing is either lost of worn out); powder costs $10.50 ($15/lb, 4.9 gr/rd); primers cost $15 ($75/1000). Bullet costs depends on what you use. I use FMJ's ($72/1000), but most reloaders shoot either lead or plated (which could be as low as $30/1000). So the net cost of the materials is approximately $65 to $108 (or 6.5 to 10.8 cents per round).
A question at this point is whether this cost is to be compared to the cost of factory rounds ($220 per 1000 for mail order PMC), or factory reloads ($170/1000 for FMJ, from Georgia Arms).
However, now one has to add in the cost of the equipment. Assuming one can buy all the equipment needed for about $500, amortized over 5 years at 6%, the cost per year for equipment is approximately $116. Shooting 10,000 rounds per year adds another cost of $11.60 per 1000.
Lastly, I guess one would have to at least add a subjective factor for labor, although I enjoy the process of reloading so I ignore that element.
This is all rather amateurish, I know, but it seems to me that for .45 FMJ, and comparing to factory reloads, the "break even" cost is about 2000 rounds per year. Above this, the costs per round are less and at my typical shooting level (10,000 rounds per year), the costs are considerably less (30%). Comparing to cost to factory ammo (which in my mind is a better comparison -- I have *never* had a misfeed with my reloads (no kidding), something I cannot say for commercial reloads), the savings are almost 50% (11.9 cents per round versus 22 cents).
You can plug in your own numbers and see how things work out.
As to the safety, reloading does require some attention, although for me that degree of care is manageable. You might consider watching one of your friends reload some rounds, watch what's involved, and see if you think it's something that you would feel comfortable with.
Hope this helps,
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