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Yes, that's similar to my workings. The monthly payment is an overhead. 2 years servicing and 4 years warranty included so additional costs should be limited.
ChasnotRobert-
Our VW Up!!! is £108 a month (39 rentals of £99 for 3 years) for 10,000 miles a year. You'd be lucky to successfully run an old shitter on that budget.
And the Up!!!!!! has a bloody Dr Dre radio for listening to Ed Shearing.
Leasing / PCP makes total sense unless you're happy to run an 8 year old car and are lucky on repair bills.
Hefty
A PCP should be viewed as a rental and at the end you give the car back.
Whether £700 a month is a reasonable sum to drop on a rental only Dammit can decide.
You can lease a new Passat for about £260 a month. My mate just spent £1800 getting his 2009 Passat through the MoT. Add £1000 for depreciation and that's £233 a month. Add in the free breakdown cover and better mpg of a new car and it looks like a no brainer.