When borrowing rates are lower than investment returns borrowing just makes good financial sense.
I could pay off my home loan today, but at 2.5% interest why, when I can keep that money and leave it in a safe high return investment? I’d be losing 10s of thousands a year in returns for my retirement to save a few thousand in mortgage interest.
Same thing with cars.
Then again, I don’t even buy new cars. I just get a dependable used Japanese car and drive it until it dies at 300k miles.