1 year from now if you sell it for 2/3 the price, you get back $720. A year's use cost you $360. About $1 a day. This is very worth it for some but not quite as cheap as $200 a year. This is without factoring in time to sell.
You could trade in but that means you are locked in contract with service provider.
I have a Xiaomi 10 or something I bought in 2020 I paid 279$ for, almost 4 years later it comes at 0.18 and I see like 0 reasons to upgrade.
I admit I'm not the most social (media) person out there, I'm not into connecting my phone into every other device on this planet (as Apple people consistently remind how easily they interoperate their devices), but it does everything great: camera, battery, messaging, games.
To me to see people thinking it's normal to spend so much money for a phone is borderline crazy.
Alternatively, you could buy a second-hand iphone 11/12 pro and use it for 5-6 years easily, with proper software support. That’s what I do, and don’t yet plan on updating - maybe the iphone 16 would be worthy for me.