That’s only true if you assume the person can’t afford to make two payments. The other assumption is that you’re hanging on to a depreciating asset in the belief that it will be worth more in the future. Neither assumption is a sure bet.
I have several loans, all of which I could pay off anytime I want. But up to now I make more by keeping my money invested than I pay in interest. My uncle joe may be blowing that up now and I may have to rethink that strategy. For now, and for the last 10 years or more, it’s worked out fine - I’m still way ahead in the game by not paying cash.
