Started out as the first and is now the second.
I also will not say cheap, I will say price conscious.
I buy the best product that does the job well for the best price (including using coupons and rebates).
Since we are an oil forum, my example would be I would gladly use Supertech, Super Smitty's, Rural King etc oils, they are a good value for the price and will keep the engine running past the life of the rest of the vehicle.
Now I rarely use store brand oils because I am able to find better deals on name brand oil for less than the regular price of the store brand.
Another example is tools. I have a set of Craftsman hadtools from when I was in teen in the mid 80's, they still work fine and were expensive, but have lasted.
I do buy some Harbor Freight tools at times, but they are usually one time use tools, so if they don't last more than 1-2 uses, I am OK with it, and did not spend 2-3x the money on it. Just recently bought a large socket for my rear diff, have not needed that size in 35+ years working on my cars, probably won't need it again.