1. Remarkably or exceedingly inexpensive. The phrase's origin in this usage has been debated; it is possibly a corruption of "cheap at twice the price," meaning the same. Primarily heard in UK, Australia. I got a brand new three-piece suit for £50—cheap at half the price!

2. Quite expensive; poor value for the money. In this usage, it is likely a humorous play on the phrase "cheap at twice the price," meaning remarkably inexpensive. Primarily heard in UK, Australia. A: "Wow, I'd love to own that car." B: "Sure, so would I. Cheap at half the price, though!"