Wait for a Cheap 2020 iPhone
If you want a new iPhone with upgraded internals, but don't want to shell out a bunch of cash for an iPhone 11 (or a 2018 model) think about waiting for the iPhone SE 2.
Part of the appeal of the original model was the smaller display and cheap price point compared to other iPhones and it looks like Apple will try to tap into that demand with the new version.
This price has been backed by a report from Fast Company. If true, it would be the same starting price point as the original iPhone SE.