Low-priced things are inexpensive — they don't cost a lot of money. When you choose a low-priced brand of shampoo instead of an expensive one, you end up with more cash in your bank account (but with more frizz as well).
The newest, fanciest version of a cellphone is definitely not low-priced, but if you wait a year or two, it will probably become a low-priced option. You might choose to shop at low-priced stores if saving money is important to you, or if your income requires it. Thrift stores and yard sales are two good ways to find low-priced clothes and furniture.