The price is much cheaper/lower.

[z7655431]

The price is much cheaper.
Is this sentence correct? I think it should be lower, not cheaper. Or, is it accepted in colloquial speech?

 

[Rover_KE]

It's understandable, and often heard in colloquial speech, but as you say, 'lower' is better.

 

[GoesStation]

A careful speaker would note that the item with the lower price is cheaper.

 

[Tdol]

Or, is it accepted in colloquial speech?

An awful lot can be used in colloquial speech. Things which would seem wrong on paper or in formal contexts often pass unnoticed.