For that price you could get a Johnny Walker red label or a J&B. Sure they aren't something out of this world but are far from the worst out there.
$5 whiskey is definitely some kind of a weird stuff, I'd stay away from. just because the price is low it doesn't mean that the quality is acceptable. seems like a great option for a homeless man to get drunk.
$5 whiskey sounds like something you would use to paint off a wall. Honestly I don't know of any one that has bought a bottle and then buys a second one.
There are certainly some rough ones out there, but there are also some that are not so bad for the price. It just all depends on that burn that they have, but sometimes that can be a good thing too.
My favorite when I was younger and around the holidays, was to find a good size,and cheap whisky in the store. A good size was a 1.75 L( half gallon size),and it was usually Clan MacGregor,a blended scotch whisky with a light and mellow taste. I bought this size and brand for 17.00 dollars back in the day,and have fond memories of drinking this good cheer at Christmas time!
That's the assumption of many, when the item is cheap it's of little or no worth. That's very wron. Some companies venturing into production of a brand of Whiskey may lower price and ensure high quality beer to break into the market.