The most common and most likely answer to this crossword clue is the 4 plus 7 letter word PULP FICTION
I've seen this crossword clue in Financial Times
P
U
L
P
F
I
C
T
I
O
N
More clues leading to the result PULP FICTION
Buddy explains!

The straight part
We know that "Chea/p b/ooks" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case chea/p b/ooks = pulp fiction.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.