It’s become an unwritten but unbreakable rule: Great phones cost $1,000. A few years ago, when we were paying $200 with a two-year contract, that seemed preposterous. Now you’re either renting an iPhone XS for $42 a month or dropping 10 Benjamins on Day One.

I’ve long recommended that people buy the most expensive phone they can afford. Your phone is likely your most important device, and it’s worth investing in. Recently, though, a generation of far cheaper phones hit the market offering a shockingly similar experience. These...