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I have been unable to find any information regarding this, but - with the Wondrous Item Feat - can a PC create an item with a reduced cost if they have all of the materials available?

The Construction Requirements typically feature:
. "Craft Wondrous Item"
. Spell(s)
. Cost of materials (...gp)

But what if you already have all of the materials at hand?

For example, a Cyclops Helm described as a, "helm made from the husk of a cyclops’s shrunken head".
If my character encounters a Cyclops, successfully kills it, cuts off its head, and then meets the requirements for shrinking its head (possibly a Religion or History Check for understanding how primitive religious/ cultural shrunk heads).

With this, I would assume that the character does not have to pay much more towards the Cyclops Helm. Perhaps half of the Cost, due to the materials already being attained.

This is not in an attempt to reduce the crafting time of the object. The crafting time can remain the same for the initial price (for the Cyclops Helm, it is 2,800gp).
Rather this is an attempt to take into play the imagination of material gathering and realistic play-style. Realistically, how many city vendors will be selling Cyclops heads???

Another example would be the Eagle Cape (a cape made from lots of large eagle feathers). Could the character hunt down several Eagles and retain their feathers? Or, purchase the feathers from a shop?

What do you guys think? Should the cost be reduced if the materials required are already at hand?