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Bloke describing sweetheart -- old and trashy, but affordable! (6)

Ross

I believe the answer is:

cheapo

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'trashy but affordable' is the definition.
I don't know anything about this answer so I can't judge whether it can be defined by this definition.

'bloke describing sweetheart old' is the wordplay.
'bloke' becomes 'chap' (I've seen this before**).
'describing' indicates putting letters inside (describe can mean to form the outline of).
'sweetheart' becomes 'e' (the heart/centre of 'sweet').
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'chap' placed around 'e' is 'cheap'.
'cheap'+'o'='CHEAPO'

'and' acts as a link.

Can you help me to learn more?

(Other definitions for cheapo that I've seen before include "Mickey Mouse" , "Inexpensive and shabby" , "at rock bottom price" , "Extremely inexpensive" , "Inferior product" .)

I've seen this clue in The Guardian.
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