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I did the math when I bought mine a couple months ago ..... I already have a complete loading set-up, so I only need to recoup the cost of the dies..... I also wanted soft points for hunting ......
reloads will cost you 80 cents a shot, if you can get the brass. You can get crappy corrosive primed ammo for half that, sometimes ......
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I am reloading 7.62x54R with Hornady .312" 174 gr RN, 47 gr H4895, WLR primers, and free brass, for $0.39 each. Most of that cost is the bullet. Using a .308" 150 grain bullet would cut that cost by as much as 6-7 cents per round.
The free brass? I bought a box of boxer-primed factory ammo for $12, and kept the brass. Considering that I got the brass, bullets, powder, and primers for less than most people can buy new brass... I'd say it was worth it.
You can get PPU factory ammo (150 gr SP) for
$16, or less. Why bother worrying about sourcing component brass, when you can get the exact same thing in a pre-loaded form? (If you're having difficulty finding it.)
And, as I have discussed in the past...
I am loading 7.62x54R with 215 gr Woodleigh Weldcores for $16.20 per box. That is stupidly expensive, in my opinion. But... a comparable load runs
$62 per box (or more).
If you want custom loads, or are seeking accuracy, hand loading 7.62x54R is well worth it.
If you just want to sling cheap projectiles at paper.... stick with surplus ammo. If you dig, you can find it
even cheaper than this:
$0.15 per round, or $0.195 per round
shipped from VA to UT.