What PaulD said. Most chain checkers over-read, sometimes to extent of declaring a brand new chain to be need of replacement. I use a set of calipers, shove it up against the edge of an outer plate and measure to the same point on a link over 5″ or 6″.
In my experience, measure it properly and the 0.75% rule is pretty much spot on. I’ve replaced at around 0.70% stretch and had no trouble. Last time I replaced my MTB chain, the new one slipped all over the place on the old cassette, measured it and it was on 1%.
I don’t know if it works out cheaper overall. The chain on my commuter will do 3-5k, and I’m hoping the cassette will see out three chains. It’s hard to know how many miles I’d get if I ran it into the ground, but when I’ve taken this approach in the past I’ve ended up changing chainrings as well, so it ends up reasonably expensive.