You didn't specify if you are looking for a phone compatible with a plan or if you want a new prepaid. If you are looking for a prepaid phone, Virgin Mobile offers serveral phones for $20 that support video messaging.
I have this phone and it does allow you to send pics and audio. The Moto ve240 has the capability to send pics but you must have a plan through your Carrier/Service Provider that supports pic or multimedia messaging.
The cheapest phone plan for you will depend on what time of day you make or take calls, if you use text messaging, and so forth. Virgin Mobile is known for its low rates but the only way to determine if it is the cheapest plan for you is to define the calling package you want and price it out at various mobile companies.
The cheapest cell phone service for unlimited calling would be Cricket which is $25 a month for talk, text and caller ID. That is the cheapest plan out there for unlimited cell phone service. The thing to beware of is that the cheapest service does not mean the best. Generally you get what you pay for.
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The best phone for messaging is the Samsung Moment on the Sprint network. It has a large keyboard which it really helpful.
Intensity 2 it is a great simple beginner phone, internet, picture messaging, voice messaging, text messaging, camera, calling, and much much more. It is a fantastic phone.
In general, you will be told when you buy the phone whether you have messaging or not. If you didn't buy the phone recently, you could do an online search of the phone's make and model to determine whether it is messaging ready.
Texting
no it is a feature phone or a messaging phone
Cheapest local phone service providers
You can use SMS messaging on most smart phones. Your carries will need to turn on the SMS messaging feature on your phone in order to use this service. If your phone is not a smart phone, you may not be able to get this service.
Why can't I receive picture messaging on my H2O phone