Zeusmall via eBay offers this Cree XM-L LED Zoomable Flashlight for $4.89 with free shipping. That's the lowest total price we could find by $3. It features aluminum alloy construction, five modes, and adjustable focus.

Note: Although it lists a light output of 5,000 lumens, the LED is only capable of producing a fraction of that. This item ships from Hong Kong and is estimated to arrive in three to eight weeks.