A speed exceeded notification device may be installed in a vehicle of a type including a vehicle data communications bus extending throughout the vehicle, and at least one vehicle indicator coupled to the vehicle data communications bus. The speed exceeded notification device may include a wireless communications device, and a controller to be coupled to the vehicle data communications bus. The controller may be for determining when a vehicle speed exceeds a speed threshold for a first time period, and based thereon may cooperate with the wireless communications device to send a remote vehicle speed exceeded notification. The controller may also determine when the vehicle speed exceeds the speed threshold for a second time period less than the first time period, and may generate a local vehicle speed exceeded notification using the at least one vehicle indicator coupled to the vehicle data communications bus so that a driver of the vehicle can reduce the speed of the vehicle and avoid sending of the remote vehicle speed exceeded notification.