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TGR
When you enter into the PCP agreement, there is a "guaranteed future value" assigned to the car. This basically allows you to walk away at the end of the term without having to worry about settling up the balance of the finance. Assuming that you haven't trashed the car or exceeded the agreed milage.
The monthly payments are set so that the loan balance at the end is not greater than the guaranteed future value of the car. You could choose to pay a bit more each month which should result in having some "equity " in the car at the end of the term, to put towards the deposit on the next car.
Most people choose the lowest possible monthly payments instead.