First, I know you can use the WMA Library Audiobooks on your old iPhone. The whole process is really quite simple. But ultimately, if you're going to be listening for long stretches, I think you'll find Audible worth it. You can burn through quite a few books fairly quickly with large projects, IME. (I don't even want to guess how many it took to do my Gansey.) And the wait for one you want at the Library can be lengthy.
I would go with the Audible trial, and ALSO do the Library for any books that they have when you want them. Put the library books on the iPhone, however, not on the Kindle. Audible books can go either place.
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