edit: I had selected a dedicated instance in order to compare apples to apples. By definition you don't share a colo server.
https://aws.amazon.com/ec2/pricing/on-demand/ https://aws.amazon.com/ec2/purchasing-options/dedicated-inst...
For smaller instances, there is around a 10% increase for dedicated, for example, for an m4.4xl, the price goes to $0.88 for dedicated tenancy versus $0.80 for default.
There is a $2/hour fee for each region in which you have dedicated instances, but that gets lost in the noise if you're using significant AWS resources. (it's $2/hour regardless of how many instances you're running)
We haven't noticed any significant difference between performance on dedicated and non-dedicated instances, and only use dedicated instances where required for compliance/regulatory reasons.
My smallest physical servers have 8 physical cores.
But if you are comparing it to a purchased server, you ought to be looking at Reserve pricing, a 1 year reserved instance is $16K/year, 3 years is $32K (or you can pay monthly if you want).
Still not as cheap as owning the server, but not quite as bad.