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The phrase "cheap is expensive" is correct and can be used in written English.
You can use it to describe how the cost of cheaper products or services might be more in the long run due to lower quality. For example, "Buying a cheap car may seem like a good deal, but in the end, cheap is expensive due to all the repairs needed to keep it running."
Exact(3)
I have learnt, here in Brazil, that cheap is expensive.
MR: (laughs) Cheap is expensive, nicely put!
If you don't put the work in, it's gonna bite ya, and like I always say, "Cheap is expensive," you know?
Similar(57)
Our cheap produce is expensive, our inexpensive water is costly, and our affordable energy comes at a steep cost.
Hull is cheap; London is expensive.
But there are no two ways about it, carbs are cheap, protein is expensive.
Skepticism and doubt is cheap, confidence is expensive.
Alter came to the defense of traditional venues like Newsweek and the New York Times, saying that, "Talk is cheap; reporting is expensive".
As his buddy Ailes has no doubt warned him, talk is cheap – but news is expensive.
Journalism is in transition, skewed by a digital business model in which talk is cheap and reporting is expensive.
Being cheap in media is expensive.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com