The iPhone 8 models do not feature the edge-to-edge design introduced in newer iPhones instead offering a Touch ID Home button and thick top and bottom bezels in a 4.7 or 5.5-inch body. There is no TrueDepth camera system for Face ID, but wireless charging is supported.
Apple's iPhone 8 uses an LCD display instead of OLED and the camera is less advanced, but it still takes fantastic photos along with 4K video, and the A11 Bionic processor is fast enough that it will hold up well for years to come. It is IP67 water resistant and features LTE Advanced speeds of up to 600Mb/s, but it does not have dual-SIM functionality.
If you don't mind missing out on Face ID features like Portrait Mode and Animoji, and don't mind the extra bezel size, the iPhone 8 is an excellent device that will save you quite a bit of money. If you're torn between the iPhone 8 and a newer iPhone, make sure to check out the iPhone comparison tool on Apple's site to compare devices feature by feature.