When his fancy, high-end Sony smartphone died, Abhishek Anand decided to replace it with a cheap $75 model. He’s much happier, not least because it actually lasts a day on a charge.
If my ₹ 5000 Moto E lasts even for 6 months, it would have a much better ROI than my previous phone. Now that I have used both phones for a bit, with my usage patterns, it is simply not worth it to buy an expensive phone. Also, in pure economic terms, money invested is better than money spent on a depreciating asset ☺, so the gap between the two prices widens even more.