Cut-rate

Cut-rate describes something that is offered or sold at a price significantly lower than the usual or standard price. This typically implies a reduction in quality, service, or features to achieve the lower cost. The term often suggests a compromise, where the consumer might sacrifice certain benefits in exchange for affordability. It can apply to various goods and services, from retail products to professional services, and is often associated with budget-conscious consumers and businesses seeking to maximize value. The context usually hints at a trade-off between price and other aspects like durability, expertise, or convenience. It is often used in the context of the business world and refers to a product or service that is priced below average

Cut-rate meaning with examples

• The budget airline offered a cut-rate flight to Europe, but travelers needed to pay extra for baggage and meals. While the cheap fare attracted many, the added fees could negate the savings, revealing a strategy of offering a tempting starting price but then tacking on extra costs.
• Following the economic downturn, many stores began offering cut-rate merchandise to attract customers who were struggling to make ends meet. However, some consumers were wary, concerned about the quality of the lower priced products, especially since the prices had been slashed so low.
• The lawyer’s cut-rate service charged a fraction of the price compared to the more experienced lawyers downtown. Though it was inexpensive, the client was disappointed with the limited responsiveness and poor results, as the cost came at the expense of professionalism.
• The company chose a cut-rate contractor for the construction project, hoping to save money. However, the contractor cut corners on materials and workmanship. Eventually, this resulted in costly repairs and delays, underscoring the false economy of this choice.