Ahh, ok Tora, i see where you're comming from now, i thought you were trying to say if the dealer wouldnt give the cars value at 4890 and at the end you'd would be liable for any 'shortfall'
I may be wrong on my maths but 11500 for the car, minus the px, minus the 'bubble' payment, thats 3710 so for a 0% deal thats £103/month.
Using an online apr calculator its says 36% so no definitely not a good deal, in fact you'd probably be better off using a credit card to buy the car!!!
I think a lot of people do see PCP as long term hire/lease, with no thoughts of keeping the car at the end or the 3 years, but just getting a new one, so they always have a new(ish) car and just pay a monthly amount.