cheapie [noun] [C], [adjective] [before noun] [informal]My new jacket was a cheapie (= It cost very little money).(informal) Cheapy can also mean low in quality.It was one of those cheapy movies, which cost very little to make but which are very popular at the box office.
CHEAPY
Meaning of CHEAPY in English
Cambridge English vocab. Кембриджский английский словарь. 2012