To really be a HIT, not generically pretty good, a cheap gift probably has to be uniquely fitted to the receiver.
Dad grew up in Duluth. I found a coffee mug with the bridge that was the view out their front window. For 25 cents, he was delighted and used it every single day.
When DS was pregnant she loved to float in the pool. A friend gave me a huge inner tube from a garbage truck. I spent about 2 bucks to blacken the tube so it looked brand new. Big enough for a very pregnant lady to float through the summer.
I've been trying to piece together a travel wardrobe built around black. My sister gave me a black and white pashmina last year that is a perfect piece and cost her less than $10.
New son-in-law's fave snack is Frito scoops. He got a box of 12 cans of them from the dollar store and was delighted.
I got a three-pack of Mickey Mouse underwear--'nuff said.
The other option for a HIT is a gift that expresses your love or appreciation for the receiver.
I found a beautiful notebook with her favorite flower (purple iris) on the cover and wrote one treasured memory of my childhood on each page for my mother. Cost 2 bucks, value: priceless.
One of the richer men at our church one day commented that his wife rationed the Girl Scout cookies. Each family member got one box of their favorite flavor for their own. He'd stretch his mint cookies for two weeks. I notified other members of the congregation: order one extra box now and put it in your freezer. For Christmas he got more than twenty boxes of mint cookies, each with a note attached expressing how much the giver thinks of this man. Cost per family 2 bucks, value: priceless.
Last year I found a garage sale book "Why I love my Grandpa" for $1. I sent it around to the grandkids and asked them to choose a page and modify it as their own message. (For example: "He lets me ride in his car" was changed to "ride on his tractor.")