I mean it's all relative, but yeah, $429 starting price for a phone coming from a company that is known to support their products for a minimum of 5 years is really not bad. Especially since these phones hold their value far better than any other brand on the market. I bought an iphone SE (2nd gen) in 2020 for $450 and sold it for $230 in 2022, so it worked out to about $110/year. It was a fantastic phone, but I upgraded to a 13 mini because my work offered to pay for the phone. I used to have a Moto E, which I think most people would consider a "cheap" phone and a) it wasn't a great phone b) i had no desire to keep it more than 2 years and c) by the time i was done using it, it's secondary market value was low enough that i didn't bother selling it.