Based on its potential to reduce lead times, hybrid manufacturing, which often includes both additive manufacturing and machining processes, is receiving more attention from manufacturers as they seek to increase their supply chain resilience and efficiency. A new solid-state additive manufacturing, referred to as additive friction stir deposition (AFSD), has shown the potential to become an important process for hybrid manufacturing. To justify the selection of a hybrid manufacturing approach, the cost needs to be estimated for comparison to conventional approaches. Historically, hybrid manufacturing costs have been difficult to estimate due to the complexity and diversity of the manufacturing processes. This paper proposes cost models that include additive friction stir deposition, structured light scanning, milling, and turning, which can be combined in hybrid manufacturing process planning. These cost models are demonstrated in a case study and cost estimates are compared for hybrid and conventional (machining-only) manufacturing approaches. For the selected case, the hybrid manufacturing process cost was $1007.58, while the conventional milling process cost was $833.60. The results of the case study show that both labor and material costs must be considered to make an informed decision between hybrid and conventional manufacturing approaches.