$10.49/box @ Brownells, no tax, and you can usually get a free shipping code if you buy enough (5 flats will typically get you there).
Less $2 rebate brings you to $8.49
Less $3.75 for hull value brings you to $4.74
That assumes there is a rebate going on (which there isn't currently).
However, on the flip side, if you have to buy components, and PAY for hulls, it actually makes reloads more expensive (again, assuming you can get the rebate).
When I bought 5 flats in 2011 or 2012, I paid $90 per flat (from Brownells), but prices have gone up quite a bit since then. I think you can still find Win AA 28s and 410s in the high 90s, but after you pay tax and/or shipping, they're going to be pretty close to the Brownells price anyways.
He is saying that retail price after the rebate, minus the $3.75 you may get if you can sell the hulls.
When AA 12 shells were about a buck more, I would buy them anyway and sell the hulls for a buck a box, I figured I shot better shells for the same price, and a lot of people wanted to buy them. Since they changed the design of AA hulls, some people will not take them for free.
I have never seen a time when reloading .410 was not profitable.
Best I was able to do last year for AA's was $99.90/flat + 8 % tax = $107.89 - $20.00 rebate and - 37.50 selling hulls = $50.39/flat or $5.03/box. Wish I could find .410 flats at $99.90 now. IMHO, using an old price of $90/flat is a bit unrealistic in today's market.
I guess I shoot too much. For me to even "consider" buying .410's off the shelf is a laugh.
On the other hand reloading .410's makes fun/practice "almost" affordable. 800 reloads for a sack of lead is hard to beat. Almost like plinking with a .22.
I shoot a lot of 28 gauge too...for the same reason....and 28 gauge sharpens your trap game for cheap... You'd be surprised how well a 28 gauge does at trap if you haven't tried it...back to the 20 or so anyway. SM