>>1435It was just a bad buy, my first soldering iron was $3 and I used it for well over a year of occasional use. The cheap thing in those is the tip, the tin literally eats through it.
But as
>>1434 says, if the heating element is gone there is nothing left to save. Cables are rubbish and so is the tip, maybe you can reuse the handle for something if you really want that buck back.
And as he said, if you buy online you must always check the voltage it's supposed to operate at. This shouldn't be a problem in stores.
My second one was a $10 one (it came with a lot of tips and soykaf like that) and it still works, but the cable was horribly stiff and I replaced it with a clothes iron cable, much longer and very very soft.
My third and current is a cheap $15 regulated soldering station, it has a little trimmer to set the temperature. It's not really temperature controlled, I think it's just a trimmer that sets the value of a pwm, but it does the trick.