You can customise the figures on the website to your requirements, but as an example - Tesla model 3 basic RWD.
PCP - Representative Example | 48 fixed monthly payments of ÂŁ502 | On-the-road cash price ÂŁ44,490 | Total down payment ÂŁ9,100 | Total amount of credit ÂŁ35,390 | Optional Final Payment ÂŁ16,461 | Interest charges ÂŁ5,180 | Fixed rate of interest per year 4.90% | Length of agreement 48 months | Total amount payable ÂŁ49,670 | Representative APR 4.90% | Mileage per annum 10,000 | Excess mileage charge 14 ppm (Plus VAT).
Tesla Loan - Representative Example | 72 fixed monthly payments of ÂŁ554 | On-the-road cash price ÂŁ44,490 | Customer deposit ÂŁ9,000 | Total amount of credit ÂŁ35,390 | Interest charges ÂŁ4,464 | Fixed rate of interest per year 3.99% | Length of agreement 72 months | Total amount payable ÂŁ48,954 | Representative APR 3.99%.
Note that in the PCP example, you are paying more interest even though the term is shorter and you are (notionally I guess) borrowing less money.
In the end, ignoring potential of varying inflation, I suppose if the car is worth more than ÂŁ16,461 plus 48*(554-502) = ÂŁ18,957 at the end of 4 years (which is highly likely), it seems more sensible to go with a loan option.
I think I remember looking at this many years ago when these PCP deals started to become all the rage and concluding the same - these deals don't make sense unless either you literally cannot afford the small difference in payments or I guess if you have a credit rating that won't let you borrow the full amount.