I've never understood why people buy cheap tools. There the one item you buy that you'll be using throughout your cycling or motoring life no matter how many cars or bikes you get through in that time, and to faff about with ill fitting crap made of cheese when you need to do some maintenance is surely false economy. Most of my tools I've had for years, my Draper socket set is over forty years old and is still as good as new including the ratchet wrenches, which I will even admit to having used as hammers a few times.
You don't have to splash out for Park tools, there are plenty of other quality makes at reasonable prices. Aldi toolkits always look like cheaply made crap.
I think a lot depends on how much you will use the tool will get. Some tools I will splash out on, but a lot will get used 3 or 4 times in total. The trick is picking the cheap tools that will last that 3 or 4 times and not break on first use.