Hmm. You can level the same charge at PCP.
If a PCP repayment tracked the true depreciation, and the GMFV is set accurately, you would neither be owing, nor have equity at the end of the PCP term! But it's a great marketing tool to be able to say to a potential customer that they would be able to use the "equity" left in the car towards a deposit for the next one!
You are, in effect, slightly overpaying the monthlies in order to get "equity" left in the car at the end of the term (or earlier, if they design the break even point to do so).
Assuming you don't intend on keeping the car - a lease deal can be better financially.