Clark123, I finally did some calculations. Just buying from reasonable sources (not looking for sales), I can load a premium shell for about $5/bx. This assumes you already have the hulls and you've amortized your loader. If you can catch powder/primer/wads on sale and use reclaimed shot, you can probably get costs down to under $4/bx.
Of course, I don't have many choices. I shoot 16ga & 28ga and both of these will cost you $$$ for decent shells (assuming you can find them in the loads you want. The last "cheap" 16ga shells I bought were Remington Game loads (really crappy shells IMHO) and I paid $5.99/bx on sale about 5 years ago. The last deal I found on 28ga were Fiocchi (not my top choice) and I paid $6.50/bx incl shipping about 7 yrs ago.
That said, my $5/bx loads are using hardened shot and premium wads. Easily the equivalent of $10-12/bx loads if I could find them. The added advantage, as I see it, is the ability to craft loads that aren't commercially loaded. As an example, I'm getting ready to load some 3/4oz loads for my 16ga to shoot clays with. A bit less expensive, plus a lighter kick.
).
