You get what you pay for.
That's not real leather. It's very thin. Doesn't have perforations to stitch it through. Not saying it won't work and look nice for a while... but, not nearly as long.
Trust me, if you ever buy something along the lines of a Wheelskins cover, you'll understand. It's worth what you pay for it.
As with so many things... $50 for a wheel cover seems like a lot to me now. But, the first one I bought nearly 20 years ago was around $28-30... and with inflation, that's $50.
You get what you pay for.
I tried one of those cheaper ones once, and it was tearing out at the stitches before I even finished installing it. I ended up scrapping it.