During my $5 MT Challenge reviewing the Ozark Trail 12-in-1 multitool over in the 'Cheap and Cheerful' section, Alan K wrote...
It's worth $4 and change even if you throw away the tool and keep the well made sheath.
I started to think about that. If you can get the tool AND the sheath for under $5, then can you just find a SHEATH for cheaper?
Well... yes. I found two.
These both came from 'AliExpress'. Most if not all of the stuff on that site is coming from China. On a slow boat. BUT... it IS inexpensive, if you don't mind waiting a few... maybe up to 6... weeks.
So, I got two different models, one with a snap closure and rigid shell, and one molle compatible hook and loop closing type.
Here they are pictured with a 111mm Vic, Leatherman Wave, and Gerber MP600 for scale.
The snap-closure one was bigger than I expected. It comfortably holds the MP600, but the Wave falls too far into it for extraction. I'm sure it could be fixed with some kind of padding, but stock it's too big. It'd probably work well for a Surge or Supertool or some such.
Here's the snap-closure one with MP600 in it.
The MP600 fit really well in it. I'm not sure how well the bottom would hold up to the plier tips poking into it, but that's for someone else to figure out, I guess.
Here's the molle/velcro one with the Wave in it, seen from the side.
Here they are from the back.
The snap one has a belt loop, which seems fairly well sewn on. Who knows how well that would handle hard use, but as I got it, seems solid. The other had molle attachments, and beltloops for horizontal belt carry.
The molle/velcro one seemed much better suited to accepting a wide range of tools. The velcro tabs on it are pretty big, allowing a good bit of adjustment in the closing flap. The hard shell/snap one would need something padding to adjust for smaller tools.
The Snap closure one cost me $2.08 shipped to my door.
https://www.aliexpress.com/item/Tool-Fold-Knife-Plier-Bag-Pouch-Case-Sheath-Nylon-belt-loop-Pocket-Carry-Storage-Flashlight-Holder/32825539728.htmlThe Molle one cost me $2.23 shipped.
https://www.aliexpress.com/item/Professional-Military-Tactical-Single-Pistol-Magazine-Pouch-Knife-Flashlight-Sheath-Adjustable-in-Height-Multifunction-Tools/32747263534.htmlPrices, as always, are subject to change, I'm sure. I'm not endorsing this site, not paid by them, not getting free products to test. I spent my money to see if there were some decent cheap sheathes out there. If you need something cheap, these aren't bad. I've ordered a lot of stuff from AliExpress and I've gotten every order... eventually. Sometimes it's a week, sometimes it's 4 or 5 weeks. I guess it depends on when the boat is taking off.
I haven't tested these much, as I'm just not a belt-carrying person, but I'm happy to answer any questions I can.