I agree on the context and I wasn't challenging it's first use in this thread. It just seems to be a pointless word now though, if other words have to be added to define context. One might just as well say "good value" or similar in the first place, avoiding any possible unpleasant connotations.Flecc, That's true, but the meaning changes with the context. I don't believe that anyone for one moment thought that OP was looking for a poor quality or low value bike. I think that we all got the idea that he wanted something that was good value, low cost and adequate for his needs, so in that sense, I think that he used the correct word whatever meaning anyone else wants to make of it by taking it out of context.
The fact that we have such long established words as cheapjack and cheapskate shows just how widely the word "cheap" is associated with undesirable. There are no equivalent constructs indicating desirability.