I don't see anything wrong with buying a cheap tool now and then. I often do if the price is right and I...
1. Want to see if its something I really use
2. Use only occasionally, but when I need it, it works the best
If its the first item, and I find I use it a lot more then I thought, then I'll go out and buy a good one.
If its the latter item, then its a crap shoot. If I only use it a few times, and lets say its a 60 dollar tool that only lasts a year or so, you have to divide the number of uses by the dollar amount to get the cost per use. If the tool got used a dozen times before it crapped out, and cost 60 bucks, then that is 5 bucks a use. Was it worth that, or not? That is what you have to figure out.
In my case my biscuit jointer is in this boat. When this one craps out, I'll replace it with another cheap one. I don't use it enough to justify the high quality kind, and yet when I need it, I need it.
I have no intention of traveling from birth to the grave in a manicured and well preserved body; but rather I will skid in sideways, totally beat up, completely worn out, utterly exhausted and jump off my tractor and loudly yell, "Wow, this is what it took to feed a nation!"