The word "cheap" is often misleading and an awful misnomer. Cheap doesn't necessarily denote bad quality. However, sometimes, you have to be careful because the manufacturer may be selling the item at such an enviably low price because it really is worth that much. In these cases, they are trying to cut costs and as a result, the products being cranked out are often sub par or even below industry standards.
Where people mean "discount", they often say "cheap" because they don't understand that two terms aren't the same. Even if they connote a similar idea, they do not mean the same thing. When you go to a store and they advertise all over their windows that they have cheap bar stools, do not be fooled. Upon closer inspection, you will usually find that because of the cheap materials used, they are shoddy in their construction or have a nick here and there. Even if you aren't worried about minor scratches and the like, you might care later when the wood bar stools that you purchased for 5 bucks begins to fall apart.
It's understandable if you are in a financial rut and you can't afford brand new bar stools but don't be fooled by the allure of the cheap. "Cheap bar stools" are just a disguise moniker for poorly designed and hastily assembled chairs. Especially for stools that you will ultimately want to keep for a long time, you want stools that will stand up to the constant wear of tear. Would you go to a garage sale to buy your mattress? Probably not. The same principle should apply when searching for good counter bar stools.
In fact, you may very well end up paying more than it's actually worth when you take the bigger picture into account. If you were to calculate the overall benefit you are able to garner per square inch of a bar stool, you will most likely find that ones that are advertised as cheap bar stools will have much less of a return. Even if they cost a pittance, sometimes you will discover that it's a dollar too expensive.