My current and previous phones have been budget phones. It's so nice not having to worry about your phone. I can drop it, I can throw (I accidentally catapulted it a couple of meters once), I can drown it (it's waterproof, but even if it wasn't, no big deal). I don't even have a case or screen protector. You don't have to worry about losing it, or theft, as you're not constantly carrying around a thousand dollars in your pocket. Conversely, with iPhone (or any other flagship), you have to cradle it, protect it. I think the allure of cheap phones is the lack of weight on your shoulders. I'm only considering switching because no new android phone looks appealing to me anymore, and I have had enough with Google.
In my opinion, the only reasonable way of owning an iPhone is buying a new one every year, while selling the last years model around the time new one's announced. They don't lose much value, and you're staying on top of new tech. It's a hustle, but I know people who are successfully doing this.