In general, "No", going cheap is never a good idea. Every situation is different. If you can only afford to spend X$, then you do the best you can. Often you end up spending X now for a cheap solution and in a short time, you spend X++ to upgrade where having spent X+ the first would have cost you less +. If that makes sense.
In general, buy the best you can afford. It usually saves you in the long term.