Voters show ambivalent attitudes towards political parties: They agree that parties are necessary, but they neither like nor trust them. Existing theories fall short of explaining this paradox because they pay little attention to public opinion research. In this paper, we develop a different argument using qualitative methods. We first integrate the literature on political parties and public opinion to sketch the contours of our theory before refining it using rich empirical insights from open‐ended survey answers and focus group data. Our resulting model holds that voters evaluate political parties based on the functional and virtuous linkages. They consider parties necessary because they see them as fulfilling democratic functions, but they dislike them because they are seen as behaving in non‐virtuous ways when fulfilling their functions. Besides proposing a new analytical model, we also contribute to the literature by methodologically illustrating how to develop data‐based theories.