This "bargain hunting" theory simply isn't true. Not anymore. It's a relic of the pre-Bale Spurs which very much looked for cheap young players to develop and sell at a profit. But that M.O. does a decade ago. Since then we've spent:
2013: €30M Soldado and €30 Lamela. This €60M was the more that any PL club spent on 2 players other than United (€66M for Fernandinho and Jovetic)
2015: €30M on Son, which was the 3rd most expensive transfer of the summer aside from the Manchestee clubs. At the two Liverpool transfers that trumped it were Benteke and Firmino, which got a lot of praise at the time but were poor deals retrospectively.
2016: €35M on Sissoko (oof), which outside of Manchester was joint 5th highest behind Xhaka (€45M, lol), Mustafi (€41M, lol), Mane (€41M), and Batshuayi (€39M, lol)
2017: €42M on Sanchez plus €53M combined for Moura and Aurier. Outside of Manchester there were 4 players more expensive than Sanchez; van Djik (€85M), Morata (€66M), Aubemayang (€64M, lol), and Lacazette (€53M, lol)
2018: Well this is the problem.
2019: €62M on Ndombele, €30M on Bergwijn, €27M on Sessegnon. Outside of Manchester there was only 1 transfer more expensive than Ndombele: Pepe (€80M, JFC lol). Only clubs signing 3 players over €25M: Woolwich (Pepe, Saliba, and Tierney), United (Maguire, Fernandes, Wan-Bissaka), and Everton (Iwobi, Kean, and Gomes)
2020: €32M on GLC and €30M Reggie. Outside of City and Chelsea (who turned the doping back into high gear with Havertz, Werner, Chilwell, and Ziyech for €223M), only Partey+Gabriel (€66M) and Jota+Thiago (€67M) were a more expensive pair.
2021: €69M combined on Gil, Royal, and Betancur. Admittedly a weak transfer group, but this was a weak transfer year for everyone due to Covid. Liverpool spent €87M on Diaz+Konate. Woolwich spent €121M on White+Odegaard+Ramsdale. Chelsea threw away €113M on Lukaku which seems like spending for the sake of it in retrospect. United spent €125M on Sancho and Varane. City bought Grealish for €113M
2022: €108M on Richarlison+Romero, €30M on Bissouma. Aside from SaudiLondon back on the dope, only SaudiNorth (€152M for Isak+Gordon+Botman) and United (€223M for Anthony+Casemiro+Martinez) had a more expensive trio
The problem is that most of those listed were major busts for us. Soldado, Lamela, Sissoko, Sanchez, Aurier, Moura, Ndombele, Bergwijn, Sessegnon, GLC, Reggie, Gil, and Richarlison cost this club €431M.
It hasn't been because we're cheap and bargain hunting. It's because we've been very, very, very bad at scouting.