The advances in consumer-grade hardware, such as optical trackers and portable ultrasound machines, has paved the way for the development of more cost-effective systems. In this paper, we aimed to assess the accuracy of low-cost tracking alternatives in the context of 3D freehand ultrasound (US) reconstruction. Specifically, we compared two low-cost tracking options: a depth camera and a low-end optical tracker, to an FDA approved high-end infrared optical tracking system. Additionally, we compared two US systems, a low-cost handheld US system with a high-resolution ultrasound mobile station. Each tracker and probe pair underwent 20 acquisitions in ideal conditions. An additional 20 acquisitions were made at 3 suboptimal tracker placements. These two experiments showed no statistically significant difference between probes and no difference between the low- and high-end optical trackers on accuracy of reconstructions. As a proof of principle, we performed volume-to-volume registration using the US reconstructions and found that low-cost probe and low-cost optical tracking is similar to using the standard high cost system. These findings suggest that low-cost hardware may offer a solution in the operating room or environments where commercial hardware systems are not available without compromising on the accuracy and usability of US image-guidance.