It was (at least I think so) for most of it's life. You used to be able to find a used mini for approximately half the price of an AR. Not anymore. In my view there are many reasons for this.
1) It's become a much better/more accurate gun especially with the thicker barrel in the later generations.
2) Supply and Demand - you can go into any gunshop and buy a new AR, you cannot do so for a Mini14 anymore. They are rarely in stock. I suspect/wonder if Production may be diverted to less restrictive areas as you can own a Mini14 just about if not everywhere - that isn't the case with the AR15 and is a reason why the demand is so high, people aren't as worried about it being restricted or taken away. Any bans that are ever announced/implemented the Mini is almost if not always absent.
3) Cost of manufacture - your basic AR is plastic and phosphated steel. That wood and blued steel on the mini not only is old school, it isn't as cheap to manufacture in my view (kinda looks better too).
4) Everything has gone up - priced an SKS or AK lately? It's beyond nuts. The reason AR's are so much better priced figuratively speaking is there are just so many companies making them now. Only one company of course makes the Mini.
While I mostly have AR's and love them - I also have a Mini for the reasons stated above. Everyone likes to get a Little A team going on...I agree the aftermarket folders haven't hurt the demand for the guns at all either. Still haven't splurged for one myself but I most likely will.
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The Mini has never been bargain pricedl
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