[RNCTX]

Not really.

Before there was a "cloud" in the early 2000s, we were paying anywhere from $100 (cheap, low spec machines) to $199 (new hardware, more ram, faster disks) per month for rented bare metal from places like Servermatrix, Softlayer, etc.

The going rate also typically included anywhere from 1TB to 2TB of egress, as well.

Another way of looking at it for the low end: How many things do you run on a single bare metal host versus an equivalent amount of discrete "services"?