There are typically three options open to you when the term of your PCP car finance deal ends.
If you decide to pay the final balloon payment, then you will own the car you have been paying towards over the course of your loan term. Because most car finance contracts will include an extra fee to transfer ownership. Also the typical cost for this is about £100, but check your contract before signing if you think this is the option you might take, as it can be up to £500.
Alternatively, you can simply hand the car back to the dealer after you make your final payment. Because many people do this. Comparatively if the car is valued at a higher price than the balloon payment, you might be offered the difference as ‘equity’. Then this equity could then be used as a deposit on another new car, with a PCP finance deal. Unfortunately you won’t be offered the cash instead.
If you’re told that the car is in fact worth less than the dealer originally anticipated at the end of the deal, the best option would almost certainly be to hand the car back.
Similarly, if you want to look at completely different options for your next car, you can just hand the car back to the dealer once you’ve made your final payment. Then of course you will need to pay for any damage, however, and be prepared to pay extra if you have gone over the mileage agreed at the start of the deal.