My 2 cents:
Most peeps complain that the so-called "cheap" spinnerbaits use a barrel, roller or crane swivel and have had problems with them rusting or freezing and not allowing the blade to spin freely. That was a problem, but I would use the brass ones now available which are nickel plated or a ball bearing swivel which I prefer. If you find yourself with a so-called "cheap" spinnerbait and have that problem, then switch out the barrel, roller or crane swivel for a brass/nickel plated one or a ball bearing swivel. It's cheap and easy to do.
Replacing skirts is easy enough to do as well and that wouldn't break the bank on a so-called "cheap" spinnerbait upgrade.
Hooks: I don't care what anyone says, they get dull. You can't replace the hook like your trebles on a crankbait, just break out the file or stone and start sharpening after a few uses.
Wire: Most so-called "cheap" spinnerbaits use thinner wire. That's a preference to a true spinnerbait angler. Lighter wire will transmit the vibration the blade is making back up to your rod. Thicker wire will stand up better after fighting fish or hard hard strikes. You'll need to tune both, but not as much with thicker wire. Thicker wire will not transmit the vibration from the balde like the thinner wire. For me, I go in between light and heavy, between .035 and .040 is ideal for my spinnerbaits.
Blades: My ideal spinnerbait will have a snap on the swivel so I can switch blades at will. The snap? An added expense to all the spinnerbaits I buy.
To answer your question, you can upgrade so-called "cheap" spinnerbaits for a heck of a lot less than buying an expensive one and get the same results, unless you are fixated on a particular brand(s).
Then you need to ask yourself; What would hurt less? Throwing a more expensive spinnerbait into a wall of weeds not knowing if its gonna come back or throwing a cheaper one?
