Definitely not. But has been pointed out, that would equate to a Hire Purchase or bank loan. The PCP product is based around the fact a car has a future value, and that your loan can be split into an interest-only portion and a repayment-only portion. The interest-only portion is the bit that reduces your monthly payment (as per an interest-only mortgage). However it's also the bit that means you're paying more for your car in interest payments (again, as per an interest-only mortgage).
The dealer can fiddle around around with the GMV, but only within a certain range. They can increase it to help you get your monthly payment down. But that's risky for them (in case car is worth less at end). It's also bad for you as it increases the interest you pay and therefore your TCO.
Say you purchase a £50K car with a £5K deposit:
If the GMV is £25K, then you'll have an interest-only loan portion of £25K and a repayment portion of £20K.
If the GMV is £15K, then you'll have an interest-only loan portion of £15K and a repayment portion of £30K.
Your monthly premium is less on the first scenario. But the amount paid on interest is much more.
This is the main reason PCP works out very expensive compared to other ways of financing. You're doing the opposite of what you really should do with a loan - i.e. pay off as much of it as quickly as you can! With PCP, you're paying off the bare minimum and therefore attracting an awful lot of interest. No wonder the finance companies and dealers love it so much!