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There’s the adage, “spend your money where you spend your time.”
If you’re going to spend a lot of time in front of a TV, get a nice one. Cook a lot? Get the good knives and pans. Don’t read much? Don’t buy an e-reader or book subscription service. Not big into DIY? Get cheap drill/driver for the rare times you need it.
There’s plenty of exceptions but it’s a nice general rule.
Even if you are into DIY: Buy cheaper once, if something breaks buy something more expensive.
I see this a lot and take some issue with it the wording of it. I think a lot of people say this thinkkng of something like Ryobi or Harbor Freight as the "cheap" guys, when in reality the price scaling of tools puts those makes pretty squarely in the mid to high-end bracket.
In reality, there are some cheap tools that are downright unsafe for use that some people might see after reading that comment and decide to get.
ETA: If it's sharp, spins, or runs on electricity, get it from a physical store or highly reputable online vendor and make sure it has a warranty
Project Farm on YouTube often rates Ryobi, Husky, and Harbor Freight brands as being pretty good.