Capability is also going to decide it which the F-35 won hands down. If cost is their concern they can always buy F-16's or
F-18E's. Swiss know Europe is going F-35 for a good reason (capability) and they don't want a 4th gen fighter that will be inferior
in 15-10 years from now.
You misunderstood. They are not looking at something that's cheap.
In India, we have two rounds of elimination. In the first round, the IAF decides which jets meet their requirements and then shortlist those. They kick out the rest. So in the MMRCA, the F-16, SH, Mig-35 and Gripen failed to make the cut, only the Typhoon and Rafale went through, and the Typhoon won this round. The second round is the where they compare costs, where the cheapest of the shortlisted jet wins. This round compared the Typhoon and the Rafale and the Rafale won.
In the previous Swiss tender that was cancelled, the Rafale beat the Typhoon and Gripen in the technical round, but lost to the Gripen due to cost. This time they kicked the Gripen out, so the contest is between four jets with similar cost structure.
Anyway, the SH is more expensive than the F-35, as per DSCA. So that leaves the Typhoon, Rafale and F-35 in the running. And we know for a fact that the Typhoon is the most expensive of all these jets. Hence Rafale vs F-35.
It will all come down to the cost. And a quick check revealed, the Swiss are considering life cycle costs over a 30-year period.