I replaced a crummy spring/latch one with a Zoji induction 3 cup and I would never go back to the old one. Rice is always evenly cooked and never stuck/toasted at the bottom, keep warm with tracking of elapsed time, countdown to being done, plus flexibility for lots of different type of rice and grains.
Could you do the job with a cheap one? Sure, but you can always make rice on the stovetop as well if savings/space are a big priority. This is a convenience appliance, and the convenience of the fancy ones is a significant improvement over the basic ones.
The Zojirushi 3 cup induction is the highest scoring rice cooker tested by Consumers Union. It was expensive but it makes excellent rice and you don’t have to be precise with the water. I hope to have it for the rest of my life.
Could you do the job with a cheap one? Sure, but you can always make rice on the stovetop as well if savings/space are a big priority. This is a convenience appliance, and the convenience of the fancy ones is a significant improvement over the basic ones.