The Collaborative International Dictionary
el cheapo \el cheapo\, a. cheap; inexpensive and of inferior quality; as, an el cheapo cigar. [jocose slang]
Wiktionary
a. (context slang English) cheap; inexpensive; of low quality. n. 1 (context slang often capitalized English) A mock-honorific title given to a particular person who is stingy. 2 (context slang English) A person who is stingy; a cheapskate.
Usage examples of "el cheapo".
You can generally find a El Cheapo store that will sell it to you for $99.
I swam south and surfed in by my old el cheapo bungalow near Playa Del Rey.
Auntie Grace used to rent them out-el cheapo-to assorted indigents who always had trouble paying the rent, maybe because they routinely spent the rent money on booze or dope.
You could think of this as one of those little el cheapo electronic keyboards.