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Revisions and updates : limited shelf life of an Android phone

Rising Star I
I am entirely new to Android.
If I have understood things correctly, even a brand new ZenFone 8 will only be allowed / permitted / capable of achieving (a) updates to the Android OS and (b) security updates for some linited period - what, maybe 2Y or suchlike? Thereafter it will be stuck at that status, regardless of any future developments and protections. The phone will continue to work, probably indefinitely with respect to the OS, but becoming more and more vulnerable as regards security.
Is this really the case? Surely I have got this wrong? And is it a policy imposed by Google or Asus or .. .. ? Even Microsoft offer updates for a decade or more before shutting down support on its various OSs; a car manufacturer woiuld not get away with halting safety notifications and taking any necessary actions.
I am just stunned (but also at my own ignorance). The phone cost approx 800 Euros. I would have anticipated much greater longevity than is implied by the above. What happened when billions of users world-wide presumably objected? (Or not? Is the lure of a brand new phone every two years just too intoxicating?)
Is there any way round this? Even by securing some kind of an extension at some cost?

Rising Star II
I can't buy Asus again after Zenfone 8 if they don't give longer support. 2 android versions update support is ridiculous. Unfortunately I'll have to abandon ZenUI...

Star I
I agree. I would like to replace my Zenfone 6 with the new Zenfone 9, but without at least 3-4 years of security updates it is not an option.

Rising Star II
Yes, this is not an iPhone, with its excellent support for older devices !!!

Maybe custom firmware will save us?

Rising Star I
Me again (OP). Sorry to bang on about this. I am perplexed that this absurd policy has gathered traction and there is no massive consumer pushback that would have led to its revision - e.g. unlimited updates OS + Security until the phone's h/ware starts to fragment would be ideal; but some combination of even time-limited OS / Security is not unreasonable and surely within the technical wit of hardware and software providers to administrate.
I suggested that MS and any car maker simply would not get away with this - is the distinction that cars and computers (typically) are purchased, whilst phones (typically) are rented? (I kept my BlackBerry for 9 years, way beyond the development likfecycle, and have used other phones, all bought not rented.) For this reason the 2Y horizon roughly equals contract duration, so for all these "billions" of users the ssue does not arise.
But the population of purchasers not renters will still be substantial (??) yet there has been no leverage to encourage providers to come up with something more aligned to conventional expectations. Is anybody aware of any ongoing pressure group that is making any headway?