1. Worthless crap.
2. Something that cost very little, but is usually worthless junk, and ends up costing more than you paid for it in opportunity cost.
Why did you buy this cheap shit. It broke the first time I used it.
Somthing that is cheap and shitty at the same time. Cheap can be good if quality is adequate. Shit is never good unless your rooting against the San Francisco Giants who will always be shitty. This word combines cheap and shit, obviously.
I bought a cheapshit shirt at a discount retail store and it fell apart after I wore it once.