What is the difference, you say?

Well, the PRICE is the one-time expense you incur when you make a purchase, like this one.

COST, however, is the ongoing expense you incur because of the decision you make to purchase an item, or not to purchase.

In the case of your woodworking, ongoing costs will include the cost of doing things inefficiently and making mistakes which will cost you money over and over again. It will also include the cost of your time which we all know is so valuable and which we never seem to have enough of.

Yes, the cost of not taking action can be far more significant and far-reaching than a one-time price.