My wife quite likes the new Dacia Sandero. It's a nicely put together car, with a decent, sensible spec on it. But to buy that new, on a PCP, you're looking at close to 10% on the interest rate. So even, putting down a sizeable deposit, unless you pay off the PCP early, you're looking at £2k in interest over the course of a 3 year term.
I think this is contributing to used car prices being high as many people simply cannot afford to get new PCP deals as the monthly payments are so high. So people hand their car back and buy used. The cost of living probably doesn't help with people maintaining their cars, if money is tight and servicing can be expensive.... so end up being pushed to next month, and then never done.