158gr Winchester Super-X is now up to $41 a box...
Ouch! Now I know why I took up reloading.
Really.
I got my CHL about 18 months ago, and carry a Taurus 605. For practice, I shoot 125 grain UMC +P hollow points, and for carry 125 grain Speer +P GDHP. Every time I priced 357, it was about twice the cost of 38 +P.
Recently I started reloading. I stocked up on 357 once fired brass off ebay. Bullets and primers are the same, whether I'm shooting 38 +P or 357. So now the only real cost factor is powder. I figure my incremental cost -- powder, primers, and bullets -- for 100 357 loaded with 125 grain Speer GDHP to be about $20 per 100. To buy the same thing commercially is about $90 per hundred. And for practice, if I substitute the Winchester hollow points of the same weight, my cost drops to about $13 per hundred.
So now I can take up practicing, and carrying, some pretty good 357 loads for 15-20 percent of the cost of the commercial equivalent.
38 spl +P is certainly an attractive alternative to 357 from a cost point of view. In fact, I cannot understand why commercial 357 is so much more expensive than 38 spl +P for the same bullet/weight. The only real cost difference is the slightly larger case, and the additional powder. I cannot imagine that adds more than $4-5 per hundred (and that's generous). Yet in a "cheap" brand -- I'm thinking here Remington UMC -- the difference is more like $12 per hundred. That difference is not cost justified. It has to be an indication of price elasticity (a willingness of users to pay more for 357, for whatever reason).
The cost attractiveness of 38 spl +P over 357 is much less if you reload.