Recorded in Nashville where the White Stripes worked on their Icky Thump album, "Honey, We Can't Afford to Look This Cheap" was used as the B-side to their "Conquest" single. Jack White wrote the song after moving to Nashville in 2005 and discovering a strange culture where musicians and songwriters put on airs in order to make headway. The song tells the story of a couple who try to make up for their shortcomings by acting like they've made it, but they're getting scared, as the guy knows he's going to have to give his tuxedo back soon.
Beck produced this song with Jack White and also played slide guitar on the track. It marked the only White Stripes session where they used an outside producer.