The lease usually takes into account the depreciation. Lessors aren't usually in the business of just eating the cost of depreciation. That said there are _some_ arguments in favour of leasing (https://www.reddit.com/r/slatestarcodex/comments/ow97zp/it_l...) but a) I don't think they're enormous and b) most people on a PCP don't really appreciate that it is a lease.