I really don't think so, but it depends on your priorities.
We've had 3 Shark vacuums in the last 7 years. The first had something get caught in the rollers and the brushroll no longer works. We use it as our car vacuum since it otherwise has excellent suction.
Second was a replacement to the broken one, it's a corded 'stick' vacuum - I generally prefer it but my wife has been lukewarm on it. It is in excellent shape.
Third was a present from my parents to my wife, an upright shark that can disconnect from the brushroll and act sort of like a backpack canister.
All three run laps around my MIL's Oreck and Riccar, no joke. We took our second vac over to my in-laws' a couple years ago and went over one room twice with the Riccar and another with the Oreck, then we went over each room immediately after with our (comparatively) cheap little Shark and filled the canister completely from each room.
All that being said, 'cheap' vacuums are all disposable consumer products and there's little opportunity to repair them apart from consumables like brushroll belts and filters - eventually they become less useful and eventually will lose all utility. If you care about keeping consumer products out of waste streams, then it might very well make sense to get a 'buy it for life' vac.