Walmart offers the Pentel GraphGear 500 0.5mm Automatic Drafting Pencil in Black, model no. PG525A, for $3.33 plus $5.99 for shipping. That's the lowest total price we could find by $2, outside of the mention below. It features a metallic mesh grip and 4mm tip length.
Note: Amazon has it for the same with a $25 purchase as part of its Add-On program with free shipping for Prime members. (Non-members can spend $35 or more to qualify for free shipping.)