Penny wise, pound foolish

[Tdol]

You can find the definition of this English idiom here.

[GaryEM]

People who have this behavior - penny wise, pound foolish - are very shrewd, careful when poor. When they acquire much money, they become careless.

[blouen]

I would choose both of the selections.

[Tdol]

We tend to use it for those who throw money around carelessly, then get very concerned/mean over irreelevant sums. (BrE)

[George Mo]

This is an old expression that comes from England. A penny was a small copper coin with very little value, and a pound was a silver coin worth much more.

This idiom describes what happens when someone makes a poor financial decision because they're focused on inconsequential details. For example, buying an inexpensive car may seem like a good decision in the short-term (penny wise) but that overlooks the higher costs of maintenance (pound foolish).

The implication is that quality has greater value in the long run. This idiom is often used by salespeople who are trying to sell higher priced products.

[Uncle M]

There is another saying which seems similar but actually contradicts the example you give:

Look after the pennies and the pounds will take care of themselves.

This means that the habit of being very careful how you spend a little money will extend into being just as careful when you have an opportunity to spend much more.

Or, put another way, Penny wise, pound wise too.

Dave