I don't think the idea of getting caught up in amounts of money as a deterrent work too well.
There are plenty of drivers for whom a big fine are zero deterrent even if they are so destitute they haven't a hope in Hades of paying it. The saying "May as well be hung for a sheep as a lamb" comes to mind. That's at least based on how some of them drive here in Oz (our Oz posters can testify to P-plate hoons).
Then there's that class of owner, as discussed above, for whom a traffic fine, even wealth-based, is as much an acceptable operating cost as buying another tank of fuel. Similarly, parking fines, especially given the botty-wincingly price-gouging efforts of certain parking stations in our major metropolitan cities.
A deterrent might be something more direct, and also not-wealth-based, e.g. have the vehicle confiscated for a period of time. The downside is the obvious effort and expense required to enforce (and house) confiscated vehicles. The upside is an immediate and tangible imposition on the driver. Swings and roundabouts??