We don't pay for phone updates, but there is software out there that's a buy a version and get all updates to that version, but not a new version.
E.g buy 5.0, get 5.1, 5.2, 5.2.1, 5.3 etc but not 6.0
Usually that kinda software stays on a version for years.
My Jetbrains IDE is a subscription fee like that. Yearly fee gets you all major version updates, but you keep it as is if you stop paying.
Phone updates don't come for the life of the car phone either.
Would you pay a yearly fee to continue getting updates for your now no longer being updated but perfectly fine otherwise phone? I would.