It is often said that Lowe’s is the most expensive store to shop in. Is it really? Let’s find out!
So, is Lowe’s expensive? Compared to other hardware stores, Lowe’s is surprisingly affordable. For example, if you compare Lowe’s to one of its main competitors, Home Depot, Lowe’s comes out ahead in terms of affordability, and there’s no significant loss of quality in the products.
To make sure that you’re getting the best deal, we’re going to take an in-depth look at how much you can expect to pay when you shop at Lowe’s. To do this, we’ll compare them to the competition, we’ll explore the price of individual products, and we’ll look at their discounts and savings.
Is Lowe’s or Home Depot Cheaper?
When considering pricing, the likely alternative that you might compare Lowe’s to is their main competitor, Home Depot.
These two stores are shopped at interchangeably and often match each other’s prices.
Here’s a review of the prices of products available at each of these stores, which should paint a clearer picture of whether or not Lowe’s is expensive. Though we have excluded certain categories like plants and pet care, we’ve gone over the most common product categories that people shop at Lowe’s for.
Flooring
Based on a comparison between the different options that both stores offer, we’ve established that some of the flooring options are available for the same prices, some are higher and some are lower.
Flooring is typically a matter of doing your own research. If you’re looking for a certain type of flooring, search for the equivalent from each of these retailers and then compare them. You may be astounded to find that the price difference can be as high as 30%.
Appliances
A comparison of several appliances such as refrigerators, washing machines, and more shows that a lot of their appliances are at the identical price or at least very close to the same cost. However, Lowe’s tends to have better deals on appliances than Home Depot, putting them ahead of the curve.
Paint
Though some paints have similar pricing, a lot of Lowe’s paint products are estimated to be somewhere between 10-15% cheaper than paint from Home Depot. This is one of the more significant savings you’ll make, so Lowe’s paint is typically a better choice.
Lumber
While we’ve witnessed lumber prices skyrocket over the course of the year, there is no significant difference in cost between the lumber at Home Depot and it at Lowe’s. The largest difference we found was between 1% and 5%, in favor of Lowe’s, but this won’t make much of a difference unless you’re buying large amounts of lumber.
Tools
Most tools also don’t have all that much of a price difference when you compare Lowe’s and Home Depot. While you may find a few tools with a 5% price difference, this is often due to the better sales and discounts that you can get at Lowe’s.
Cost Comparison Verdict
Based on a comparison of assorted items in a multitude of categories, we can see that many products are similarly priced. However, in a few key categories, especially paint, you’ll notice that Lowe’s comes out ahead in terms of affordability.
Lowe’s is typically 5-10% more cost-effective than Home Depot, averaging the costs out.
However, this doesn’t account for the price matching policies that are in place at each of these stores. If you find a product available for a better price at one of the two stores, you can bring proof of that to their competitor to get the same cost or to potentially even get a discount.
Because of the fierce competition between the two stores, they may even give you a 10% discount so that they can undercut the competition. While they might take a loss on that individual sale, doing this allows them to win the customer’s loyalty and ensure that they shop there again.
Does Lowe’s Have Good Discounts And Savings?
Rebates
Lowe’s has an entire section of its website dedicated to rebates. They have an online rebate form, you can see your rebate status or even check which products are eligible. Done right, this can save you hundreds of dollars and is worth pursuing.
Store card
You can either sign up for a MyLowes card or a Lowe’s credit card. A MyLowes card is essentially a Lowe’s membership card. If you have or are currently serving in the US military, you will also get an instant 10% discount with this card.
The credit card, on the other hand, is similar to a rewards card that you find in almost every big store. The advantage to one of these cards is that you can get a 5% discount off of your Lowe’s purchases.
Discounts
Like many competitors, Lowe’s sometimes offers coupons, promo codes, and unique savings for special or seasonal events. For their current discounts, you should visit their savings page on the Lowe’s site.
There is a new discount every day and constant updates to their special offers. Some discounts can be as steep as 20%!
Pricing Overview
Though it has similar pricing to its main competitor, Home Depot, Lowe’s is slightly cheaper. While this isn’t the case for every product in Lowe’s, some products like mulch stand out, since it is about 33% cheaper.
Of course, this doesn’t account for price matching or discount policies that you can take advantage of at both Lowe’s and its competitors. The discounts available through these programs will typically vary based on your local store’s deals or any deals available sitewide on the Lowe’s online store.
However, due to their lower average prices, we can confidently say that Lowe’s may be pricey, but it’s one of the most affordable hardware stores that you’ll come across for your next home improvement project.