Just buy a 5 year old iPhone - it's likely to be still better than the cheapo phone, and will get longer support as well, while being sold at rock bottom prices.

I just replaced my iPhone XS, not out of necessity, but I wanted to see what the new ones were like. The 16 is barely better and I was suprised to find just how little the old one was worth second hand, considering it still runs circles around most midrange Android handsets.