Earlier quoted context omitted.
Most people don't own, they use payment plans
And if a person loses the phone one month into their payment plan they still have to pay for the entire price of the phone. So you take ownership the moment you make an agreement with the company to make payments.
I have found that it is insanely cheap to just buy last years phone second hand. I picked up a pixel 2 recently for $300 AUD when it was about $1000 the year before.