I don't think GP meant that $500 to $2,000 is cheap, I think they meant a small purchase relative to something like a house. A better distinction is not small

I don't think GP meant that $500 to $2,000 is cheap, I think they meant a small purchase relative to something like a house. A better distinction is not small vs. large, but appreciating assets vs. depreciating. Houses tend to increase in value, so it's usually okay to finance (pandemics and market crashes are the exceptions) because you often make a profit when it's time to sell. Phones tend to decrease in value after purchase, so financing it just means you're losing even more money at the end. Phones are also fragile so it's common to break one and still have to make payments.