The value of the cheap low end bike is its continued, almost infinite usefulness as a means of transport. I live in a hilly area, and have bikes for getting out into that varied terrain. But for errands, or appointments that are within maybe ten miles or so, an old beater can get you there for cheap, and a bike ride is almost always better than any other way. My current low end chariot from today's trip:
I wouldn't choose this to climb out and about, but for transport I will take this over the higher end stuff. It works. It rides fine. I'd rather not leave those others locked unattended.